Life insurance is arguably one of the most important financial products anyone can take out, and one of the best ways of protecting your loved ones financially.
How much cover do I need? The amount will vary according to your lifestyle and your circumstances. You may want to protect your mortgage, cover household bills or provide a lump sum so that your children get a good education. Life insurance can be tailored to your needs, and we can help you assess how much is right for you and your circumstances.
What is term insurance? Term life insurance policies run for a fixed period of time such as 10 or 25 years and pay out if you die during the term of the policy. There are various forms of cover to choose from, including level term insurance, where the cover remains at a constant level throughout the policy, or decreasing term insurance where the level of cover gradually reduces over the term of the policy, with the sum assured reducing in-line with the outstanding amount of your mortgage.
What is a whole-of-life policy? Whole-of-life policies, as their name suggests, provide cover that lasts a lifetime. This type of policy doesn’t normally have an end date, so premiums are paid until you die, at which point the policy pays out (sometimes premiums end at a certain age, say 80, but cover continues until your death). This type of cover is generally more expensive than term insurance as the policy can be in force for many years.
As with all insurance policies, conditions and exclusions will apply.