Were all too used to hearing about rising prices. But theres one thing that now costs less than ever good life insurance! Intrigued? Read on
No-one likes to think about the worst that could happen. But proper life insurance cover could protect your family, providing them with the means to cope financially should you pass on. Life insurance cover is divided into three main types. Here is our jargon-busting guide to de-mystifying what they are, and what they mean:
First we have the level term policy. This pays a one-off cash payment when you die. The amount is agreed when you take out the policy and does not change.
An increasing term policy is also known as indexed insurance and the amount paid out changes with inflation. Some policies of this type may have premiums that rise with inflation too, but some do not.
Lastly a decreasing term policy pays out an amount on death that decreases through time, getting smaller as the policy progresses. A long-lived customer may even outlive the point where the policy pays anything at all.
These policy types often form part of loan or mortgage deals. There are benefits to each type, depending on the...
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