Life Insurance

LIFE INSURANCE

UK BEST BUY

What different types of policy are available?

Level Term Assurance
Level Term Assurance is the most basic type of life assurance. For fixed monthly payments, the amount of life cover - also known as the sum assured - is guaranteed for a fixed term. The lump sum is paid out if death occurs before the policy ends.

Decreasing Term Life Insurance or Mortgage Protection Insurance
With Mortgage Protection Insurance, also known as Decreasing Term Assurance, you pay a fixed monthly premium but, instead of the life cover remaining level, it gradually reduces over the term of the policy. It is most commonly used together with a repayment mortgage and the sum assured reduces broadly in line with the amount outstanding on the mortgage over the term. The reducing life cover means that the cost of this type of policy is lower than that of Level Term Assurance.

Family Income Benefit Insurance
Rather than paying out a lump sum should you die during the selected term, a Family Income Benefit policy pays out a regular tax free income for your dependants for the remainder of the plan term. The amount of income benefit usually remains level over the plan term selected, although you can request that benefits increase in line with inflation as an optional extra. As an example, if you select a £15,000 per annum family income benefit plan over 25 years, and die at the end of year 10, then your dependants will receive £15,000 every year for the remainder of the term i.e. 15 years (£225,000 in total).

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