Life insurance cover comes in a few different forms, mainly split between whether you want to pay premiums into a policy for a set period of time, or one that covers your entire life. Either way there are sub categories within the policy that determines the level of the lump sum pay out the longer the policy lasts.
The first choice of life insurance cover is one that is set for your entire life. These policies will pay out a lump sum to the persons you have listed in your policy, at the event of your death.
The second choice of policy is one that covers a set period of time. So you can choose to pay into a policy for a period of 20 years say. That way, your loved ones can benefit from a lump sum should you pass away within the period of the policy.
For both types of life insurance there are variables within that framework. For example, you can choose increasing cover, where the lump sum amount increases the longer the policy lasts, decreasing cover, or a level cover where the amount remains the same throughout the entirety of the policy length.
If you are wondering about which type of life assurance policy is best for your circumstances our friendly team of advisors at Central Mortgages are happy to assist. Give us a call and we can talk through the different options available to you.
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