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This plan is also commonly known as
“Decreasing Term Assurance”. Decreasing life cover means that the lump sum paid if you die
within the specified term will reduce over the term of your plan. If
your decreasing life cover is set up to cover a repayment mortgage,
this means that the amount of cover in your plan will reduce as the
amount outstanding on your repayment mortgage reduces.
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Level Term Assurance - Get
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Level life cover means that a lump sum will be
paid if you die during the policy term. The amount of life cover
selected will normally remain level throughout your selected plan
term, although if you wish you can request that benefits increase in
line with inflation.
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Family Income Benefit - Get
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As opposed to providing a lump sum on death
during the policy term, it provides a regular tax-free income for your
dependants for the remainder of the policy term. The income benefit
received usually remains level over the policy term selected, you can
however, request that benefits increase in line with inflation.
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Critical Illness Cover - Get
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Critical Illness cover will pay you a lump sum
should you be diagnosed with any one of a wide range of critical
illnesses, the main three being Cancer, Stroke, Heart Attack.If you were to suffer from one of these
critical illnesses, chances are, if you do not die you will be unable
to work and enjoy the same kind of income, your existing commitments,
however, will still have to be met. Any other life cover you have in
place without this protection would only pay out if you were to die. Back
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This type of cover is not restricted to a
specific term and will pay out a lump sum whenever your death occurs.As the life insurance provider is aware of the
certainty of the pay out, the cost of this cover is usually more
expensive than a term policy.The premiums you pay into your policy are
invested for you and the cost of life cover is met by cashing in some
of the units each month. A surrender value can build up if the
performance of the fund exceeds the cost of the protection.
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