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FIND THE BEST LIFE INSURANCE TO SUIT YOUR NEEDS HERE! |
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Gain Peace Of Mind
In Just A Few Clicks
With The Best Life Insurance Available
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OTHER PRODUCTS
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What Is Life Insurance? |
Life insurance (also known as life assurance or term assurance) is a policy between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual’s death or other event, such as a terminal or critical illness. In return, the policy owner must agree to pay a certain amount, known as a premium, at regular intervals or in one lump sum. Some life insurance policies also pay for funeral expenses. With most life insurance policies, the stipulated amount of money to be paid out on the death of the policy owner will be paid to the named beneficiaries on the policy agreement. |
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What Are The Different Types Of Life Insurance Policies Available?
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There are several types of life insurance available;
• Level Term Insurance – Designed to pay out a sum of money on the policy holder’s death. The amount of money paid out is an agreed amount and guaranteed not to change to throughout the policy.
• Decreasing Term Life Insurance – i.e. Mortgage protection cover; where the sum of money decreases throughout the policy. It is regularly used to protect capital and interest payments on a mortgage.
• Renewable Term Insurance – When the policy expires, there is an option to continue without a health review.
• Convertible Term Insurance - Level term insurance with the option to revert to whole life or endowment insurance.
• Increasing Term Insurance – Because of inflation, the value of money decreases each year. Therefore, this type of life insurance policy combats that with an escalating sum assured.
• Index Linker Term Insurance – Some insurers provide the option for the premium to be increased each year in relation to the Retail Price Index.
Some life insurance policies will charge higher premiums or even exclude some people from becoming insured. This can be due to certain factors such as; High-risk occupations, dangerous sports/hobbies, poor medical history, smokers and people aged over 60 years old.
Search with us today and find the best life insurance policy to suit your needs, whatever is around the corner.
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