Life insurance

Life insurance is designed to reassure you that your dependants, such as your children or a partner, will be financially looked after in the event of your death. There are several things to think about when buying life insurance as there are many types of life cover suitable for different circumstances and stages of life.

 

What are the different types of life insurance?

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Level Cover: This type of cover will provide a pay out for the exact amount that has been required and will not change. So, if you die within the time of the policy term, your family will receive the same amount of money regardless of inflation or how close the policy is to its expiry.

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Decreasing term life insurance: Decreasing term life insurance is a type of life insurance policy that pays out less over time. It's often used to cover the balance of a repayment mortgage, because the total balance of the mortgage decreases over time and will be paid off in full at the end of the term.

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Family Income benefit: Family income benefit, or FIB, is a type of life insurance policy. Where it's different from standard life insurance is that it pays out a regular monthly income, rather than a lump sum. You, as a policyholder, will pay a monthly or annual premium, and cover remains in place for a specified length of time.

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CRITICAL ILLNESS

Critical illness insurance provides you with a lump sum of money if you are diagnosed with certain illnesses or disabilities. The types of illnesses that are covered are usually long-term and very serious conditions such as a heart attack, stroke and Cancers. As such events can have a negative financial impact it is important to financially protect yourself, family and home. 

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INCOME PROTECTION

Income protection insurance pays you a regular income if you are unable to work because of sickness or disability and continues until you return to paid work or you retire. 

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BULDING AND CONTENTS INSURANCE

Buildings and contents insurance cover your home in the event of damage caused by extreme weather, fire in the home, water damage or if items in your home were damaged or stolen in a burglary. Find out how much you can be covered for. 

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As with all insurance policies, conditions and exclusions will apply.

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