What types of life insurance are available ?
There are different types of life insurance policies available. Shop around and compare policies to
Hot Topics
- If my life insurance policy is “Rated”, what does this mean?
- If your policy is “rated” it means that the insurance company believes you represent an above average risk of a claim.
- What is Income Protection Insurance?
- There are two variations of Income Protection Insurance: - Short Term Income Protection and PHI or Permanent Health Insurance.
- Will I need a medical?
- This depends upon your medical history and the exact plan you have chosen.
- UK Life Insurance and Laws in the European Union
- All Life Insurance policies sold by UK based Life Companies cannot be sold to residents in other EU countries.
Life Insurance is insurance that provides protection against the economic loss caused by the death of the person insured. There are several types of Life Insurance, each having different characteristics. Some of the key types of Life Insurance are: Term Life, Whole Life, Burial Insurance, Survivorship Life, Universal Life, and Variable Life Insurance. Outlined below is a useful description of each type:
Term Life Insurance
Term Life Insurance is the lowest cost and simplest product available. Term insurance ( loans ) is a life insurance contract that provides protection for a limited number of years. The death benefit is only payable if death occurs during the agreed-upon term. There are various types of Term Insurance Life Policies:
Level Term Life Insurance
Means that your premiums are set at a level at the beginning of the contract and do not move up or down. The sum assured will remain the same throughout the term.
Increasing term insurance
This is a fixed term policy where the sum assured will increase, either by a set percentage or by the Retail price index (RPI) throughout the policy term. Your premiums remain level throughout the term if the sum assured rises by a set percentage, or will rise according to the RPI if the sum assured does the same.
Renewable term insurance
This is policy lasting for a smaller period, usually five years, which ( cheap loans ) can be renewed, although the sum assured cannot be increased, whilst the premiums will increase with age. Renewable increasable term insurance is the same as above but provides for an increasing sum assured.