Life Cover
Life Cover will pay out a lump sum if you die during the term of the plan. The cover and premium will remain fixed for the term of the policy unless indexation is chosen.
No payment is made if you survive to the end of the policy term, however, you can choose to include the continuation option. This allows you to take out a new policy at the end of the term without further medical evidence.
Basically, all protection policies are designed to replace lost income and provide a financial benefit when it is needed most.
Whole of Life
Whole Of Life Insurance’ Provides Life Insurance for the Whole Of Your Life. The Benefit Is paid to your Estate following Your Death.
They are two types of Whole of Life Insurance:
Guaranteed
This is where the premium and benefit is guaranteed for the Life of the policy. Unless you chose to add Inflation Protection, if you add the Inflation Protection option to your policy, your insurance company will write to you every year giving you the option to increase your Life Insurance
Unit Linked Whole of Life
The initial premiums and the sum insured are guaranteed not to increase for the first 10 years. After this initial period the plan is reviewed every 5 years and if necessary the premiums may be increased.
Premiums will depend on the sum insured, your age, and whether you are a smoker or not. A non-smoker is usually defined as someone who has not smoked for at least twelve months.
Mortgage Protection
This is the cheapest form of Life Insurance. The amount of cover , and the term of the policy should match the amount borrowed and the term of the Mortgage. As you pay off your mortgage your cover will reduce to reflect the reducing amount of your mortgage. No payment is made if you survive to the end of the policy.
The cost of the cover will stay the same throughout the term of your policy.
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