The table below shows a generalised comparison of the different types of Life Insurance policies that are available. No one policy is better than the other and it is important that you choose the right Life Insurance for your individual circumstances.
|Type||Example Sum Assured||Example Policy Term||Payout Type||Potential Payout*||Example Reasons for Cover|
|Level||£300,000.00||30 years||One-off||£300,000.00||Interest Only mortgages and Family Protection|
|Decreasing||£300,000.00||30 years||One-off||Between £300,000 and £0 depending how long the plan has run for||Capital and Repayment mortgages|
|Increasing||£300,000.00||30 years||One-off||£300,000 plus annual RPI increase||Family protection|
|FIB||£28,000.00||Until retirement||Monthly||£28,000p.a for the remainder of the plan term||Family Protection and School Fees|
|Whole of Life||£15,000.00||Whole of Life||One-off||£15,000.00||Funeral expenses and Family Protection|
Please note these are just examples and if you would like advice on the correct cover to choose you would be better speaking to a financial adviser.
Terminal Illness Cover - Most Life Insurance policies come with Terminal Illness Cover that means that should you be diagnosed with less than 12 months to live, the policy sum assured will be paid to you directly. Each insurance provider has different stipulations to this add on with many setting an exclusion period on this type of claim for the last 12 to 18 months of the policy.
Trust - Life Insurance policies that are for single lives can be placed into Trust. This is a legal document that informs the insurer of who you would like your policy payout to be made to. The Trust is executed by a set of trustees (your trusted family or friends) who will work with the insurance provider to ensure that your policy payout goes where you intend it to.
Exclusions - The primary exclusion that comes with most Life Insurance policies is in regards to the policyholders death by suicide within the first 12 months of the policy. Should this occur the policy will become void, the premiums paid refunded to your next of kin and no policy payout will be made.
* Potential payouts are dependent upon policy premiums being up to date, full and accurate disclosure within the original policy applications and circumstances of your passing depending upon any applied exclusions.
Request a Callback
By clicking on submit I / We give consent for you to call me / us on the number provided to discuss my / our financial requirements.
Talk to a Friendly Adviser
Please feel free to call us on 0800 567 7450 and one of our qualified insurance advisers will be happy to assist you.
Get a Quote
Please feel free to request a quote from us using our online form. As a broker we search a fair analysis of the whole market and will always take your specific risks and concerns into account. For this reason we do not currently offer prices online but will always do our best to reply to you by email, text or phone as soon as possible.
The more information that you can provide us about your health conditions, hobbies, travel and/or occupation the better as this will help us to provide the most accurate indications of price.