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Life Insurance
Life Insurance policies protect your family or mortgage in the event of your death. A level term policy leaves a lump sum of money, and a decreasing term insures a repayment mortgage.
Life insurance policies have a fixed term of between 5 and 40 years, and typically last up to your 85th birthday. Policies can be bought as a single or joint policy.
Decreasing Term Life Insurance pays out a lump sum if you die during the policy term. The amount of cover decreases over the term of the policy, normally based on the outstanding amount on your repayment mortgage.
Life insurance policies usually include Terminal Illness Cover. This policy pays out for anyone with 12 months or less to live while they are still alive.
Some insurers will offer Terminal Illness throughout the duration of the policy, while others will not payout in the last 12 or 18 months.
Critical Illness Cover is far more costly than Terminal Illness Cover, however it pays out in full for non-terminal illness or illnesses with a life expectancy of over 12 months.