Finding the Right Life Insurance and Health Providers For You in the London Area

Decreasing Term Insurance Product Overview

Decreasing Life assurance or mortgage life assurance is a term assurance product where the amount of cover decreases over the period of the policy.

This is usually used alongside a repayment or capital and interest mortgage to ensure that the amount of mortgage is repaid if the life assured died during the term of the mortgage. As with Level Term Assurance, the level of cover can also include Critical Illness.

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Level Term Assurance Product Overview

Term Assurance pays out a tax-free lump sum on the death of the life assured during a specific ‘term’. The benefits of the policy may be used to repay any outstanding debts or it can be invested to provide an income for your dependants’ indefinitely.

If you died tomorrow what income would your family need to maintain their standard of living, the mortgage may be repaid but what income would they have? If you survive the term the policy ends with no cash value.

Varying elements can be included in the policy, e.g. indexation, this will increase the amount of cover you take out in order to keep track with inflation. If you need assistance with this or any other additional benefits, please contact one of our advisors.

Family Income Benefit Product Overview

Family Income Benefit will pay out a chosen amount of income not a lump sum. It is designed to replace any income lost through the life assured death. The amount paid will be tax free for the period of the policy.

If the policy were taken out for 20 years and the life insured died at the end of year 1, the amount of income specified would be paid for 19 years. If the life assured died after 18 years, the benefits would be paid for 2 years. After the term of the policy finishes all benefits cease.

Varying elements can be included in the policy, e.g. indexation, this will increase the amount of cover you take out in order to keep track with inflation. If you need assistance with this or any other additional benefits, please contact one of our advisors.

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