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Life Insurance

Life Insurance policies provide financial protection to you and/or your dependants should the worst happen.

Term Assurance typically pays a one off lump sum if you die within the term of the contract. If you lived, beyond the term, the policy is worth nothing and you would get nothing back. The two most common types are Level Term Assurance and Decreasing Term Assurance.

Level term Assurance offers a level amount of cover in return for a level premium throughout the term of the contract. So, if you started £100,000 of cover for 20 years and then died anytime in the next 20 years, the payment to your dependants would be £100,000.

Decreasing Term Assurance, often referred to as Mortgage Life Insurance or Mortgage Protection offers a decreasing amount of cover in return for a level premium. It’s designed to meet the needs of individuals with a decreasing liability such as a repayment mortgage.

Whole of Life is Life assurance without a term, as long as you keep paying the premiums for the whole of your life the plan will pay out when you die.