Life Insurance


Life insurance is also referred to as Term Assurance.
Designed to pay a lump sum or a regular income in the event of death over a term you choose, often in line with your mortgage.
It may pay your mortgage off in full, replace a lost income to your spouse, family or any other nominated beneficiary or simply provide a lump sum legacy for your family.

Decreasing Term Assurance – This type of life cover is suitable for a repayment mortgage. Cover mirrors your mortgage and decreases at the same time. So, as your debt decreases, so does your cover. This is the cheaper than ‘Level Cover’

Level Term Assurance – A slightly more comprehensive cover, as the cover stays at the same amount throughout the whole term, for example it could pay £100,000 if you died at any point over the next 30 years – this is suitable for those with an interest only mortgage, or can be taken out in addition to a decreasing term policy to ensure once the mortgage is repaid your family also have a lump sum to help contribute to lifestyle costs.

You could also add an indexation option to your cover. This will ensure your cover stays in line with inflation. This is great as over time the cost of everyday living generally increases. Think about how much a pint of milk would have cost you in 1980, and how much it would cost you now.

The cost of cover would have devalued over time. To ensure this doesn’t happen, indexation cover will often follow the RPI (Retail Price Index) to make sure your cover will always be enough.

Life insurance comes in many shapes and sizes, If you have any dependents its the corner stone of any family protection package.

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