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Cover type

Level Term Assurance

Level Term Assurance is the most basic type of life assurance. For fixed monthly payments, the amount of life cover - also known as the sum assured - is guaranteed for a fixed term. The lump sum is paid out if death occurs before the policy ends.

Decreasing Term/Mortgage Protection

With Mortgage Protection Insurance also known as Decreasing Term Assurance you pay a fixed monthly premium but, instead of the life cover remaining level, it gradually reduces over the term of the policy. It is most commonly used together with a repayment mortgage and the sum assured reduces broadly in line with the amount outstanding on the mortgage over the term. The reducing life cover means that the cost of this type of policy is lower than that of Level Term Assurance.

Benefit type

Death Benefit Only

A payment of a lump sum upon the death of the life assured.

Critical Illness Only

Also called as 'dread disease' cover. Such policies can be stand alone or written as an add-on to term assurance. They will pay out lump sum in the event of a qualifying illness being diagnosed e.g. certain cancers, heart disease or multiple sclerosis.

Death or Critical Illness

Pays out a lump sum, so that the life assured is protected for both death or critical illness. The policy pays out on the first event and then ceases.

Sum insured

This is where you specify the lump sum you wish your dependants to benefit from in the event of the death/illness of the life insured.

Policy length

Specify the number of years you want to be covered for. This could be until your dependants are old enough to fend for themselves or your mortgage is paid off.

Policy holders

Choose yourself if the life insured is yours. Choose yourself and another if you wish to apply for a joint policy. The lump sum will be paid out upon the first death and then terminate.

Quote type

Guaranteed

Guaranteed premiums offer the most security, as the premium charged for the cover will never change during the term of the policy, however they are the more expensive option.

Reviewable

Reviewable premiums are more affordable initially however premium levels are normally reviewed on a regular basis after the first five years and are likely to increase.

Smoker

As a general rule, if you have used any tobacco products within the last 12 months you will be considered a smoker by the life insurance provider. Insurance rates for smokers are generally higher then for non-smokers.