What is Life Assurance?
A life assurance policy is the most basic form of life insurance and is usually the cheapest way to insure your life. It covers you for a fixed period and pays out a one off lump sum if you die during the policy term.
Critical illness cover can be added at an additional cost. If you do add on critical illness cover, the policy could pay out the lump sum if you die or on diagnosis of a specified critical illness during the term of the policy. It also pays out if you are terminally ill, and you meet the definition, except in the last 12 months of the policy.
There are two common types of Life Assurance linked to a mortgage, Level Term and Decreasing Term. Level Term Assurance provides a set level of cover for the term you choose. Decreasing Term Assurance covers you for the term you choose, but the level of cover decreases through the term of this policy, usually to coincide with the reducing debt on your mortgage.
Who is it for?
Life Assurance is designed for those who want to leave a lump sum in the event of their death within a specified time period. Term assurance can help protect your family financially in the event of your death and is important if you have young children or dependants. It can be used to help cover a mortgage, other loan or to help ensure that your family is protected from the effects of having to repay a debt after the main breadwinner has passed away. Our trained advisers will be happy to discuss your requirements and arrange a suitable policy for you.
More information is available in the appropriate Key Features Document.
For insurance business we offer products from a choice of insurers.