One of the simplest policy types to understand, life insurance will pay out a sum of money when you die. You can choose whether the lump sum is directly linked to your mortgage, and cover could be chosen to run for a specific time period or for the whole of your life.

Level Term Life Insurance will pay out a set sum of money based on a set period of time.

Decreasing Term Life Insurance. This will pay out a declining sum of money based on a set period of time (usually used when paying off a mortgage).

Whole of Life Insurance will pay out a set sum of money when you die. The policy will be in place for the whole of your life. This is usually the most expensive option when looking at life insurance.

Death in Service policies can be implemented by a business for their staff and will pay a set sum of money to the deceased staff member’s family/or chosen beneficiary if they die whilst still employed by the company.

Life Insurance Protection policies

As these policies generally pay out when you die, it is cover that the policyholder will not benefit from directly themselves. They do, however, have peace of mind that their loved ones/chosen beneficiaries will not face future financial hardship because of their passing.

The premium you pay will be based on many factors. Group policies are rated differently to consumer policies. As a consumer, you will need to declare your medical history and smoking status. You may be required to have further medical tests such as blood pressure checks.

It is imperative you declare your medical history accurately at the beginning of your policy. If you forget to confirm specific medical information, your life insurance policy may not be valid.

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