Life Cover

Life insurance is a lump sum benefit that is paid in the event of death during the term of the policy. There are many scenarios where this cover is beneficial; however there are three main types of life insurance that are available:

Level Term – This is cover that maintains the amount of cover from the inception of the policy, to the end of the term. It is typically taken up to provide a family who would be financially disadvantaged by your death with a lump sum pay out. It is also suited to protect Interest Only mortgages where the amount owed stays the same over the term of the mortgage.
Decreasing Term – With this type of policy, the cover amount decreases as the term of the cover goes by. Usually this cover is taken out in conjunction with a repayment mortgage, where the amount outstanding on the mortgage decreases month by month as it is repaid. This cover intends to pay out a lump sum to protect the full mortgage amount, so that the property is not repossessed in the event of death.
Whole of Life – This policy provides cover for as long as it is required as there is no maximum term. It pays a cash lump sum upon death as long as premiums are maintained throughout the term of the plan. This cover can assist with funeral costs or leaves behind a legacy for your family.

If you have existing life cover, contact us at Intelligent Finance Planning Ltd so that we can review your cover to ensure that your policy reflects your needs, giving you peace of mind that your family will not be financially disadvantaged by your death.