Life Insurance

Life insurance is about ensuring the individuals you are closest to are taken care of financially, should the worst occur. It could mean your loved ones retain their home if you are not around to help with expenses.

Type of Insurance Cover

There are three main types of policy.

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Level-term insurance

This kind of arrangement offers a fixed sum of money, for a fixed timeframe, that you agree. If you pass away with the time period specified, the insurer makes a payment to your beneficiaries. This is valuable in the event that you need to leave those closest to you in a position so that they can continue to meet financial obligations. If you live the length of the policy, the policy will rarely pay out.

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Decreasing-term cover

This kind of arrangement offers a diminishing sum of money, for a timeframe, that you agree. This policy is aimed at those whose financial commitments, such as mortgages, reduce over time.

If you pass away with the time period specified, the insurer makes a payment to your beneficiaries. This is valuable in the event that you need to leave those closest to you in a position so that they can continue to meet financial obligations. If you live the length of the policy, the policy will rarely pay out.

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Whole of life cover

This policy lasts as long as the person who has taken it out (providing monthly payments have been met).

These policies are often used to offset inheritance tax payments. This type of policy can offer certainty as that there’ll be a financial payment to loved ones however they are more expensive than decreasing term cover.

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Frequently Asked Questions

This depends on whether how much money you think you’re loved ones will need and over which timeframe. Living costs and any depts need to considered.

  • Doctor’s name and address
  • Medical history
  • Details of any current or previous serious illnesses, suffered by either you and/or your family
  • Details of any medication that you have taken in the last 5 years
  • Height and weight measurements
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