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Life Insurance

You probably think that life insurance is something that pays out when you die and that's that. But, as with all things financial, it's not that straightforward - it depends what sort of policy you choose. The most common type is term insurance, which pays out only if you die during the policy term. There's also another type, known as whole-of-life insurance. As the name suggests, it's designed to provide cover to last for the whole of your life, so it will pay out whenever you die.

Life Insurance in the UK is an extremely competitive market, which is good for UK consumers looking for Life cover, as it is helping to drive the cost down. Many Life Insurance brokers are sacrificing an amount of their commission in order to keep the cost as low as possible for their customers.

Life Assurance is available in various different forms, which the professional advisors will go into in more detail to advise which is right for you. However, we will take a brief look at some of the covers available and what they mean.

Level Term Assurance; basically means that the amount of life cover will remain the same for the entirety of the policy. This amount would be paid out if you were to pass away during the term of the policy.

Decreasing Term Assurance; does what it says, the amount that would be paid out in the event of one passing away during the term of the policy reduces as time goes on.This type of cover is sometimes referred to as Mortgage Protection, as it is sometimes opted for to run alongside a repayment mortgage that obviously reduces with time.

Critical Illness cover; is different in that it would pay out if you were diagnosed with what is classed as a “critical illness” – generally a stroke, heart attack or cancer. Whole of life cover; is the most expensive form of policy as it does not have a specific term, so the insurer is guaranteed to have to make a payout.

Family Income Benefit; doesn’t provide a payout in the event of one passing away, rather a regular tax free monthly income to your family or dependents for the remaining term of the policy.

So that is a brief look at some of the covers available, all that’s left now it to complete the brief secure form and let the professionals do the work. They are independent advisors so, not being tied to one company, they will be able to source life policies from the entire market to find you the cheapest deal.

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