Life Cover
Life Cover or Level Term LifeInsurance will pay out a lump sum if you die during the term of the plan. The cover and premium 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 money benefit when it is needed most.
Think of all the things that would still need to be paid for – the mortgage, the bills, day-to-day living expenses, credit card debts and so on. These won’t go away if you or your partner cannot work or you die. And the last thing a family needs in a situation like this is money worries.
Whole of Life
As the name suggests, ‘Whole of Life insurance’ provides life insurance cover for the whole of your life. The sum insured is paid to your estate following your death. Whole of Life insurance is more expensive because it is certain that the life company will eventually have to pay the sum insured.
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 to be insured, your age, your sex and whether you smoke or not and your health. A non-smoker is usually defined as someone who has not smoked for at least twelve months.
Mortgage Protection
Mortgage Protection is life assurance at its most basic. This is the cheapest form of Life Insurance. The amount of cover you need and the length of time you should be protected for will depend on the amount and term of your mortgage, they should match one another. As you pay off your mortgage your cover will reduce to reflect the reducing amount you owe on 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 therefore; you will always know how much you are paying and how much they will pay out.
There are two options for Mortgage Insurance Cover you can have a Single Life or Joint Life depending on your mortgage.
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