We'll show you what they are and help you navigate the jargon. Alternatively, would you prefer the insurer to decrease the value of cover as the policy gets older in line with your outstanding debts? If you smoke, or use nicotine products like vapes, your life insurance will cost more. This can be a cheaper life insurance option than level term. It’s either paid out as a lump sum, so you can pay off any outstanding debts, or monthly payments.
This is dependent on your circumstances, but the right income protection (IP) policy can be valuable as a stand-alone product or as an addition to life insurance/critical illness cover. Please see Terms and Conditions for further details about the restrictions that apply. We know you'd rather not think of the time when you're no longer around. You decide how long you want to be covered for, how much you want paid out, and who to, when you take out a policy. With a decreasing term policy, the payout decreases over the term of your cover.
The last thing those you leave behind need is a drawn-out claims process. It’s up to you how much cover you want. A cash sum payment will be made if you die within the term of the policy. Find out more now. Registered office: 2 Marylebone Road, London NW1 4DF. You can understand more and change your cookies preferences here. We're also there for you if you lose someone yourself or are diagnosed with a serious illness. Could you keep paying the bills if you were diagnosed with a critical illness? Life insurance helps give your family financial protection should you pass away within the policy term.

++After qualifying period. It’s usually a decreasing-term policy to reflect the reducing balance of your mortgage over time. Life insurance pays out a lump sum if you die. If it’s for your mortgage, take out life insurance to cover your remaining mortgage term. It doesn’t just have to be about your mortgage, you can factor in other debts and monthly outgoings too. Life insurance can offer valuable cover and peace of mind, but there are costly pitfalls. Things like personal loans and credit cards. Decreasing Cover's often called mortgage life insurance for that reason. If you were to pass away, life insurance could cover childcare costs as well as the mortgage, so your partner won’t have to worry about paying out large sums of money. Times when you might need to amend or take out more cover include: Life doesn’t stand still and neither should your life insurance policy. T&Cs apply, click here for details. Generally, the advice is to take a policy worth 10 times the highest earner’s annual salary. The amount you choose might be worth less in real terms in a few decades’ time because of inflation.

It’s possible to hold multiple life insurance policies and in some cases this might be worth considering. Life insurance is a type of policy that pays out to your partner, children or other beneficiaries if you die while the cover is in place. But if you do this for two consecutive years we'll change your policy to a Level Cover policy.

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