TERMS...what they mean
At Only Finance, we understand that breaking down the terms of life insurance and which policy will best suit your needs, is a timely and complex affair.
The reassurance of life cover arranged by Only Finance means you can relax knowing your family would be able to cope financially. Your family can be protected through:
Term Assurance
This is one of the simplest and cheapest types of life insurance policies available. The policy pays the sum assured (lump sum) in the event of the policyholder's death and ensures your family will be covered financially. This term expires if the policyholder stops paying the premiums at any stage during the term, and
if the policyholder is alive at the end of the policy term. Term assurance is also available to policyholders on a single or joint basis.
Level Term Insurance
This pays out a sum of money in the event of the policyholder’s death during the term of the policy. When deciding on a level term you need to select the sum insured (an amount to be paid out) and the term (length of time the policy will cover you). The sum insured remains the same throughout the whole term of
the policy.
Mortgage Protection
Mortgage Protection (or decreasing term assurance) is commonly used to protect capital and interest repayment mortgages where an outstanding balance decreases each year. The sum assured (lump sum) decreases over the term of the policy. Once the policy is guaranteed your premiums will never rise again.
Additional benefits: Critical Illness cover is also often available, at an extra cost, payable on the diagnosis of a critical illness such as cancer, stroke, heart attack or a number of illnesses listed at critical illness guide.
As there are many factors to consider when choosing your policy it is important to go to an independent provider who offers the whole of market, like Only Finance, to ensure you receive the best and cheapest cover.
For free advice from one of our life insurance advisors simple fill out our online application form.
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