Types of Life Insurance

Which cover could be right for you?

Comparing life insurance is particularly important as you can choose different types depending on what you want to cover.

The two most common types of life insurance are level term and decreasing term.

Level term: The amount you're covered for is fixed when you start paying your premiums, and it stays the same throughout the term. A guaranteed lump sum will be paid if you die during the policy term.

Mortgage life insurance: Also known as decreasing term insurance, is commonly used to cover the outstanding balance of a standard repayment mortgage. The amount of cover reduces over the length of the policy.

Other things to consider:

Critical illness cover: This cover provides you with a lump sum if you’re diagnosed with a defined critical illness during the policy term; for example, some types of cancer or a stroke. It’s important to remember that there’s usually only one pay out, which is when you are diagnosed with an illness. The amount and types of illnesses covered also vary by provider, so always check the policy details.

Joint life insurance: This type of policy will cover you and another person, paying out only once following a claim and then ending. A joint policy can be cheaper than taking out two single policies, but there will only be one payout.

Over 50’s life insurance: A whole of life insurance policy is available to UK residents aged 50 to 80. There’s no medical required and acceptance is guaranteed. Pay outs from an over 50s policy could be used to cover funeral costs, household bills or leave a financial gift to loved ones.

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Cover Who* Do you want the cover for just you or would you like to cover you and your partner.

Cover Type*

<strong>Life Insurance</strong> - The insured sum is paid out if you die during the term of the policy.<br><br> <strong>Life Insurance with Critical Illness</strong> - As above but also pays out on diagnosis of certain medical conditions as laid out in the policy, i.e. heart attack, some cancers, stroke etc.<br><br> <strong>Whole of Life</strong> - A plan that covers you for the rest of your life instead of a set term.<br><br> <strong>Mortgage Life Insurance</strong> - The amount of cover reduces over the policy term, usually in line with your outstanding mortgage balance.

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Choose a policy term (the number of years you will be protected by the policy). This should align with your financial obligations and needs.

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This includes cigarettes, cigars, pipe using or other tobacco products including nicotine replacements and e-cigarettes.

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