It can help ease the financial pressure of the loss by ensuring that mortgage payments, credit card debts and weekly shopping bills can still be covered.
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Types of Life Insurance
There’s different types of Life Insurance; they all aim to offer financial protection for when the policy holder dies and offer slightly different types of cover.
- Level term – The payout and cover with a level term policy stays the same throughout the amount of time you are insured for. Put simply, you decide the amount of cover to take out and that’s what the policy pays. This is often taken out for families, who want to cover for costs such as protecting their families lifestyle or child care costs as well as monthly outgoings such as a mortgage.
- Decreasing term – This means the cover amount decreases each year to pay off an outstanding mortgage or loan by the end of the term based on an interest rate of 8%. This is because your debt should be decreasing as you repay it over time.
- Increasing term – Increasing term policies, as the name suggests, increases the payout the longer the policy runs. The cover amount increases each year by 3% and your premiums increase by 3.75% each year to pay for the increased cover and age. The increasing option helps to provide some degree of protection against the risk of inflation.
- Family Income Benefit – provides a monthly or yearly amount to your dependents in the event of death for the remainder of the policy term. This could be used to cover school fees, for example.
- Whole of Life Insurance – provides a fixed lump sum that will pay out in the event of death at any stage in your life, so there no policy “term”. It’s designed to cover funeral costs or mitigate against an Inheritance Tax liability.
Did you know…
- Life Insurance pay outs aren’t taxable – they’re not subject to Income Tax or Capital Gains Tax. The only tax implications of a Life Insurance policy would be an Inheritance Tax liability; however, this is easily avoided by writing your policy into Trust.