Life insurance provides a lump sum, paid tax free, to your dependents in the event of your death or being diagnosed with a terminal illness.  Also known as term insurance and there are two main ways in which the cover can be set up.

Level Term Assurance

The amount of cover, known as the ‘sum assured’, remains at the same level thorough the length of the policy. This type of policy is most suited to interest only mortgages, where the amount owed does not decrease over time, or for those who wish to leave a lump sum for their family.

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Decreasing Term Assurance

Again this policy pays out a cash lump sum in the event of death, but here the amount of money paid out decreases over time. These policies are ideal when taken out alongside a repayment mortgage so that the amount paid out is the same, or close to the amount left on the mortgage. As the amount of cover decreases over the length of the policy, the premiums are typically cheaper than they are for level term assurance.

To speak to one of our friendly staff, please call our office and speak to one of the team on 0800 321 3166.