There are two main types of policy you can opt for:
● Level Term pays a fixed sum that’s agreed with your insurance provider.
● Decreasing Term pays out an amount that depreciates until your policy ends. This is commonly used to cover your repayment mortgage balance which will, of course, decrease as the years go by. This type of policy is considerably cheaper than the Level Term since the pay-out figure is steadily going down.
What does Life Insurance include?
● Sudden death by natural causes.
● Manslaughter or accident.
● Suicide – with some policies.
Speak to an advisor
Common Life Insurance exclusions:
Insurers are unlikely to pay out if the policy holder’s death is determined to be a result of putting themselves at obvious risk. However, higher-quality products may also cover suicide after 12 months of premiums being paid.