Life Insurance in Thanet, Kent
What is Life Insurance?
Life Insurance is probably the simplest form of protection cover.
The policy will be written for a fixed term and will pay out should you die before its expiry. The lump-sum will not only help with funeral costs but can pay off a mortgage or help maintain your family’s standard of living.
You decide how much cover you want and how long you want the policy to run. It could cover you until you’re 90! The policy is one of the most cost-effective covers available.
The three most common forms of life insurance are as follows:
1. Level cover – a fixed sum is payable at any point during the term.
2. Decreasing cover – this is most commonly taken out to cover a repayment mortgage or long term loan. The level of cover falls over time, roughly in line with your outstanding mortgage. As the amount payable reduces, it is normally cheaper than level or increasing cover.
3. Increasing cover - perhaps you want the cash benefit to keep pace with inflation? Is so, the policy can accommodate this.
You can add critical illness cover to the policy, which means it will pay out should you contract a terminal illness and are diagnosed to have less than a year to live. This provides a financial cushion during this difficult time.
The insurance policy will end if premiums are not paid on the policy.