Which Policy?

If your policy is to protect a repayment mortgage or other loan you may want to consider Decreasing Term Assurance where the cover reduces in line with the mortgage and expires when the mortgage is finally repaid.

If your policy is to protect an interest only mortgage or other loan where only interest payments are being met, you may want to consider Level Term Assurance, where the cover will remain constant throughout the term and expire when the mortgage is finally repaid.

If your policy is to protect your dependants, you may want to consider Level Term Assurance, where the cover will remain constant throughout the term and can be set to expire when your dependants reach an age of non-dependency.

Alternatively a Family Income Benefit plan can be used to provide a regular tax free income to your dependants, rather than a one off lump sum. You should also consider writing your policy into a trust. This is a simple way of making sure the proceeds will be paid straight to your dependants quickly and avoiding Inheritance Tax.