When people mention Life cover, it can be for many reasons and solutions can be varied so advice should be your only route.
Level term Assurance
This is the most basic type of life cover. For fixed monthly payments, the amount of life cover (also known as sum assured) – is guaranteed for a fixed term. The lump sum is paid out on death as long as death occurs before the policy ends.
Critical Illness Cover
Critical illness cover is designed to help protect you financially by paying you a lump sum on diagnosis on specified illnesses. These can include heart attacks, cancer, strokes and other life threatening diseases. The benefits can be used for any purpose, for example paying off debts such as a mortgage or adapting the car or house to accommodate a wheelchair or even having a holiday to recuperate. Critical illness can also be bought to add on to a term life Assurance plan.
Family Income Benefit
Rather than paying out a lump sum should you die during the selected term, a family income benefit policy pays out a regular tax free income to your dependants for the remainder of the plan term. The amount of income benefit usually remains level over the term selected, although indexation options may be available.
Convertible Term Assurance
Convertible term assurance plans are term assurance policies that have an option to convert to another type of life assurance by the same provider, such as whole of life, without requiring further medical evidence