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Life Insurance

Life Insurance is a policy that pays out in the event of premature death. It can be arranged on both an individual and joint basis.

Typically, the cheapest type of financial protection it has many uses. Most people will use Life Insurance to protect their mortgage. In this situation a Decreasing term policy would be used. Such a policy will track the balance of your mortgage over the mortgage term and in the event of a claim will pay an amount equivalent to your mortgage balance.

While protecting the home you live in by covering your mortgage balance, there are still bills to pay and additional expenses that occur should you suddenly lose a loved one. To protect this area of life many people will use a level term life insurance policy. Such a policy will pay out a fixed lump sum should a claim be made during the term of the policy.

The cost of your policy will be determined by several factors that are personal to you. These will include:

  • The sum assured (The value of the cover you want)
  • The policy term (How long you want it in place for)
  • Age
  • Health (Including pre-existing conditions)
  • Smoker Status
  • BMI

Other Protection Products You May Want to Consider

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