When it comes to life insurance policies, you’ll have some of the following to choose from:
Level-Term, which will leave a lump sum in the event of your death. Commonly chosen by those looking to provide protection for things such as child care costs which importantly could help maintain your loved ones lifestyle.
Critical illness cover, which can be chosen in addition to regular life insurance and can help your family handle additional costs. Such as mortgage payments and household bills if you’re not being paid due to being diagnosed with a critical illness.
Joint life policies, which could be a good idea for couples who share financial commitments. These can be cheaper than two separate policies. However, it’s worth remembering that these policies end once the first partner passes away.
Over 50s plans, these tend to offer a smaller payout to cover things such as funeral expenses, but the premium is guaranteed for life. These usually won’t require a medical as most are calculated on a statistical risk.
If you’re unsure about the exact amount of cover you’ll need, use our handy Life Insurance Cover Calculator to get an estimate.