What is Life Insurance?
Basically, Life Insurance pays a tax-free lump sum to
your family if you die during the period of cover.
Life Insurance is an extremely useful and affordable form
of cover, which you can apply for at any time. It provides peace of mind
for you and a level of security for your family if the worst was to happen.
If your Life Insurance is to cover you for an Interest
Only Mortgage you’ll need the amount of insurance cover
to be the same value as your mortgage. You’ll also need the term
of the insurance to match the length of the mortgage.
If the cover is not related to a mortgage, you can set the
amount of cover you want and the length of the policy (the term),
and the premium will be calculated accordingly.
If you want Life Insurance to provide protection for a Repayment
Mortgage you should take out Mortgage Life Insurance.
All Life Insurance policies sold by Brokers Online include
Terminal Illness cover at no extra cost. This means that if you are diagnosed
with an illness and the doctor expects you to die within a year, then
the insured sum will be paid out straight away.
Interestingly, Life Insurance is also known as Term
Insurance, because you are insuring your life for a specified
length of time (the term).
Other relevant questions…
Life Insurance - why do I
need it?
What
kind of Insurance do I need if I have a Repayment Mortgage?
Is Life Insurance for me?
What else do I need to know about Life Insurance?
How do I get a Life Insurance Quote?
How do I choose the right policy for me?
What if I need cover to be arranged quickly?
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How are premiums calculated?
What if I have to make a claim?
Do I need Mortgage Life Insurance instead?
Should I consider Critical Illness cover?
What other sorts of Insurance should I think about?
How do I make a complaint?
What do I need to know about the law and Life Insurance?
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