Life Insurance or Terms Insurance pays out a lump sum if the plan holder dies during the elected term. The amount of cover can remain the same throughout the term or reduce in line with your mortgage or loan. The amount of cover required and for how long is specified by you and often coincides with the length of mortgage or when children reach the age of maturity. You can cover either on a single person or joint life basis and premiums are guaranteed for the length of the policy term.
Life insurance is available either as a single or a joint policy. If you were to take a joint policy for you and your partner, normally the insurer would pay out when the first person dies. Once the insurer has paid out the policy will finish, leaving the surviving partner uninsured.
The alternative is to take out two individual policies; this means you will both covered separately and the insurer will pay out for deaths. Running two policies can be more expensive but most insurers will give you extra discounts to help, give us a call to find out more about single or joint policies.
You can add critical illness cover to your life insurance policy with either guaranteed or reviewable premiums.
Full product information is available on request and can be emailed to you, please call on 0800 043 0413 or email us.