What is it?

Life Insurance is the most basic form of cover you can buy as it guarantees to pay a certain amount if you die within a certain period. As the cover is in its simplest form, it is generally the cheapest way to buy your cover. Life insurance can protect your family from the financial implications of a personal tragedy and is particularly important if you have young children or dependents. 

The policies are referred to as Term Insurance, because the cover lasts for a certain term of years. The cover itself can be Level, ie remaining the same amount throughout the term, or Decreasing, ie reducing in line with the ongoing balance of a mortgage or other loan. 

Other features can be added, such as critical illness cover and waiver of premium. Some Level Term policies have an increase option and some Decreasing Term policies have a mortgage guarantee option. 

Who is it for? 

This type of plan is designed for those who want to leave a lump sum in the event of their death within a specified time period whilst keeping the cost to a minimum.

Reasons for the cover include:- 

• Allowing a mortgage to be repaid in the event of death
• Leaving money to ensure the upbringing and education of your children
• Covering funeral costs and other household expenses

As experts we can help to source the best products from which you can choose.