Understanding Life Insurance Cover
Mortgage Protection, Level Term will pay out a fixed lump sum throughout the term of the policy if you were to die. The term is normally chosen in line with your mortgage. Critical Illness can also be included in the plan.
Mortgage Protection, Decreasing Term will pay out a lump sum, which will decrease over the term, usually to match your decreasing mortgage, and will pay out the current amount outstanding if you were to die. The term is chosen at the outset and will usually match your mortgage. Critical Illness can also be included in the plan.
Family Protection This is a policy to take out to protect your family in the event of your death. This can either be a lump sum or a regular payment. For a regular payment this will pay on a monthly or annual basis up until the end of your term. The term will normally be inline with your need e.g. Once you child becomes financially dependent. Critical Illness can also be included in the plan.
Whole of Life Assurance is used to cover a liability that will arise on your eventual death, whenever that may be. Typically, this could be for one of the following reasons:
- To cover your funeral expenses
- To protect your financial dependents on death
There is no fixed term with Whole of Life cover, as long as your premiums are met, the cover will remain in force until the life assured dies. Whole of Life cover can be arranged on a single life or joint life basis and the premiums can either be guaranteed or reviewable.
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