UK Life insurance policies are taken out to provide your family and loved ones with some financial stability in the event of your death. This lump sum payment will enable your family to pay off any outstanding debts, mortgage and liabilities you may of had as well as helping to cover your funeral costs and even maintaining a similar standard of living experienced before your death.
Our UK life insurance products are very flexible and can be tailored to match your requirements including the total amount you are insured for, the duration of your policy etc.
Here are the different types of life insurance We Offer:
This is the term given to life insurance which is also very similar to Life Assurance. Life Insurance covers you against what potentially might happen to you and Life Assurance is to cover what you know will definitely happen to you such as death.
Term Life Insurance
This is a life insurance which remains at the same value of cover throughout the whole duration of the policy. This type of life insurance is generally suitable for people wanting to cover their funeral costs, cover any debts or liabilities they might have and to cover the mortgage if they have one, most commonly interest only mortgages.
Mortgage Life Insurance
This UK Life Insurance is to cover the cost of your mortgage should you leave it behind to your family in the event of your untimely death. If you have a capital or repayment mortgage then mortgage life insurance is the most suitable product for you as the amount of cover is designed to reduce just as your mortgage does.
Usually, this life insurance will cover the mortgage but with very little left over so is not really suitable should your family need help with any funeral costs or where to be left with any debts or liabilities you may have outstanding at the time of your death.
Level Life Insurance
This is the same as term life insurance in that the level of cover remains the same throughout the lifetime of the insurance policy.
Increasing Life Insurance
This is usually offered as an extra to you which is designed to help protect the value of your life insurance policy against inflation. Usually, your policy will be reviewed ever year and you will be allowed the option of increasing your cover along side the retail price index and no further medical information is usually required. This helps to ensure that your life insurance policy will retain its real time value and pay out an equivalent amount in many years to come.
Decreasing Life Insurance
This term is given to UK life insurance policies which decrease in value over time just like Mortgage life insurance.
By combining your critical illness insurance and your life insurance together you can cut down the cost of your premium considerably when comparing it to paying for both separate insurances as well as making your policies a lot simpler to organize due to you having only one set of policy notes and payment details.
Still unsure? Visit our UK Life Insurance Jargon Buster page which explains all the complicated insurance terminology.
Alternatively, you can visit our help / faq’s page which answers many different frequently asked questions.