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Types of Life Insurance

There are different types of life insurance with options to meet specific requirements. This brief description of life insurance and critical illness cover also explains the difference between level and decreasing cover and compares guaranteed and reviewable premiums.

Life Insurance Only

Basic life insurance pays out a sum of money on death. This is popular with people who want the peace of mind knowing their loved ones will receive money if they die.

Life Insurance and Critical Illness Cover

Cover for critical illness pays out a sum if you're diagnosed with one of a number of specified illnesses. The money can be used for anything as this cover aims to ease the financial burden arising from these circumstances.

There is also a choice in the type of cover available.

Level Cover

With level cover the amount you're insured for (the sum assured) is the same for the length of the policy.

Decreasing cover

The sum assured reduces over time with decreasing cover. This is often chosen as cover against repaying a mortgage since the amount outstanding on a mortgage decreases over time. Decreasing cover can be cheaper than level cover.

There are also differences in the type of premiums payable.

Guaranteed Premiums

The idea of guaranteed premiums is that the monthly payments remain the same over the life of the policy.

Reviewable Premiums

With reviewable premiums the amount you pay may increase, decrease or stay the same. The insurer will review the premiums at a specified time.

An adviser will give you the information required to decide which is the best type of life insurance policy for your needs.

Fill in this form to get your free, no obligation quote

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