Life Insurance

Term life insurance cover is designed to pay out a lump sum should you die during the period of insurance.  No benefits are paid should you survive beyond the policy term.

There are two main types of cover Level and Decreasing

A Level term policy will pay out a fixed sum insured if you die during the term of the policy.  This type of cover is ideal to protect your family where you have an interest only mortgage when the mortgage debt remains the same.

A Decreasing life insurance policy is useful to provide protection for a repayment mortgage when the debt reduces over the mortgage term.  This type of life policy is less expensive but will only pay out a sum assured if you die that reduces over the policy term.

Both of these options provide a lump sum to repay the mortgage in case of death.  Another type of life insurance is Family Income Insurance where the policy pays a regular income to your dependants instead of a lump sum.

See policy for full details.

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