There are a range of main insurance types you will want to consider when buying life insurance.
- Whole of Life Insurance
- Level Term Insurance
- Mortgage Protection Insurance
- Over 50′s Guaranteed Insurance
- Critical Illness Cover
Each of these insurance types offers different levels of cover and payment options depending on your circumstances.
Whole of Life Insurance
Whole of life insurance is an insurance policy that will cover you for your entire life, as long as your payments each month are up-to-date. This is an on-going policy that continues for your entire life.
Level Term Insurance
Level term insurance is a type of life insurance that has fixed monthly premiums that do not increase or decrease over the duration of the policy. This kind of policy can be useful for those who like to budget each month.#
Mortgage Protection Insurance
Mortgage protection insurance is a life insurance policy that is designed to pay off your mortgage or cover payments should you not be around any more. It is usually something that people take out when they buy a home but does not need to be purchased from the mortgage provider.
Over 50′s Guaranteed Insurance
Over 50′s life insurance is a life insurance policy that will pay out a lump sum when you die. This money can be used for things like funeral cost and can even be used to leave a financial legacy for loved ones. It is designed for UK residents between the age of 50 and 80 years of age and usually requires no medical.
Critical Illness Cover
Critical Illness Insurance (often called critical illness cover) is an insurance policy that provides you or your chosen beneficiary with a tax-free, lump sum payment if you are diagnosed with a critical illness. Each insurer will have a list of critical illness and there may be exclusions but this is a useful type of insurance if you want to cover yourself for a serious illness.