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Life Cover

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What is Life Cover and how does it work?

Life insurance, which can also be known as life cover or life assurance, is a product designed to protect your loved ones’ finances should you pass away during the term of the policy. It’s there to ensure that an already difficult time needn’t be made more so with the added financial burden that could ensue from a loss of income. It can help them deal with everyday money worries such as household bills, childcare costs or mortgage payments.

The amount of cover you’ll receive, and the premiums you’ll have to pay, will depend entirely on your individual circumstances and the kind of policy you choose. Your life insurance quote will take into account your medical history, age and lifestyle factors, and typically speaking, the younger and healthier you are, the cheaper your quote will be.

The two main types of life insurance are term life insurance and whole of life insurance. When you take out term life insurance, there is usually a maximum term you can apply for, and could pay out a cash sum if you die during that period of cover. This is the type of life insurance that we can offer without advice and you can choose between Life Insurance or Decreasing Life Insurance.

Level Term Insurance vs Decreasing Term Insurance?

Level-term life insurance is designed to pay out upon your death during the policy’s term. The sum assured will remain the same throughout the term of your plan. If you pass away during the term, your family will get a cash sum to help them financially; it could help pay the bills or cover childcare costs, for example.

Decreasing life insurance is designed to help protect a repayment mortgage or similar debt. Unlike level-term insurance, the sum assured will decrease by a set percentage each year, which makes this ideal cover to protect a repayment mortgage, ensuring your loved ones remain in the property if the worst happens.

Terminal illness cover is usually included within Level Term and Decreasing Term Insurance plans. It is designed to pay out your life insurance policy if you are diagnosed with a terminal illness, such as cancer (usually when life expectancy is less than 12 months).

Our advisers will discuss the different types of life insurance available to you and tailor these to meet your individual needs. They will also discuss placing your cover in Trust, a straightforward legal arrangement that lets you leave assets to friends, relatives or whoever you pick to be your beneficiaries.