What type of life insurance?

There are three main types of life insurance to choose from. The choice of type of life insurance policy you take out will depend on your own personal needs.

Level Term Life Insurance
This is type of life insurance provides a lump sum on death for a fixed premium, fixed amount of insurance and for a term of years that you decide. An example of this would be to take out a policy that paid out £100,000 if you died within the next 20 years.

Mortgage Protection
This type of insurance is usually used in connection with a repayment mortgage or otherwise known as capital and interest mortgage. The sum assured reduces as the mortgage debt decreases. The premium is fixed and the number of years are set to reflect the term of the mortgage. If the life insured dies during the term the policy pays out.

Family Income Benefit
This type of life insurance pays an income in the event of the life insured dying. You decide how much annual income you or your partner would need and for how many years the insurance is required, complete the quote request form and we will let you know how much the insurance is likely to cost.

 

 

Bigmoney is an introducer for life and critical illness insurance to Wallace Nichols financial services who are regulated by the financial services authority number 226348.