Life Assurance
This type of policy will pay a lump sum of money on death, during the term of the plan. This is paid tax-free to your beneficiaries, (under current legislation). Additional benefits, such as critical illness cover can be added to the policy to provide extra protection should the unexpected happen.
The loss of a loved one is enough for anyone to cope with without the added burden of financial difficulties too. Life cover can help make sure those left behind don’t lose the stability and familiarity of daily life. All the things that could make loss easier to bear.
When arranging a mortgage, it is recommended to have mortgage life insurance – especially if you are buying jointly, or have family living in your home. The lump sum is designed to repay your mortgage, in full, should the worst happen, to remove the financial burden from your partner or family, and give you the reassurance that they will not lose your home.
There are generally two types of policy;
Decreasing Term Assurance – this type of policy is generally arranged to protect a repayment mortgage, as the cover decreases in line with your mortgage balance over the term. If you make changes to your mortgage, you will need to review your plan. The premiums for this type of policy are lower than a level term policy.
Level Term Assurance – this type of policy is generally arranged for family protection or to protect an interest only mortgage, as the cover remains level throughout the term of the policy, providing a lump sum in the event of a claim.
These policies do not have any value once the policy ends.
Money can’t stop grief, but it can remove the additional financial stress at a tragic time in your family’s life.
Please note for these insurance products, terms and conditions apply. This information is a summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and limitations of cover provided under the plan.