A life insurance policy is a great way to provide peace of mind to yourself and your loved ones in the event of unexpected critical illness or death. A lump sum from your life insurance policy provides the ability to pay for debt, mortgage debt, funeral costs,Level or Decreasing Cover?
With level cover, you choose an amount of protection that will remain constant over the term of your policy. If you wanted a policy of £100,000, you will pay a fixed monthly fee that would guarantee £100,000 payout at any time during the policy.
With decreasing cover, the amount you are covered for decreases over time, but so do the monthly premiums. Usually these plans are tied to your mortgage; as you pay down the mortgage, the amount of coverage you need also decreases.Guaranteed or Reviewable Premiums?
Guaranteed premiums will remain the same month to month, unless you change your plan. This way you will always know exactly how much your monthly premium will be. With reviewable premiums, insurance companies will adjust your premium, usually every 5 years or so. Reviewable premiums usually start at a lower monthly cost than guaranteed premiums, but will increase over time. If you have any questions, feel free to fill out our quote form. You will be contacted by a qualified advisor who can help you decide what's best for your unique situation.
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