Level Term Life Insurance provides you with a fixed amount of money over a specific time period. If you die within the time period, the policy pays out the fixed amount as a lump sum to your beneficiaries. This type of policy is useful for a number of reasons, including:
- Protecting your family
- Leaving a legacy for your children
- Covering an interest only mortgage
- Covering funeral costs
Decreasing Term Life Insurance provides you with a lump sum that decreases over time. This form of cover is typically used where a specific debt needs to be paid off that reduces over time. The main example of this is to pay off a capital repayment mortgage. As the mortgage amount reduces over time (due to your regular monthly mortgage payments), the level of cover also reduces.
Whole Of Life Insurance is exactly what it sounds like. It covers you for the rest of your life and will always pay out when you die (as long as you maintain the monthly payments).
Family Income Benefit isn't as well knows as the other types of Life Insurance, however it's incredbly important for looking after your family. It pays a regular monthly amount to your family if you die during the term. It can be used to replicate your lost salary, help pay for the upbringing of your children, or be used by your appointed guardians.
Contact our experts today to see which cover is right for you.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Our initial mortgage consultation is free. We usually charge a fee for mortgage applications. The amount we will charge is dependent on the amount of research and administration required and will be discussed and agreed with you at the earliest opportunity.
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Forest Hall Financial Solutions is a trading style of FHFS Group Ltd (FRN: 969160) who is directly authorised and regulated by the Financial Conduct Authority for mortgage and non-investment insurance advice. The Financial Conduct Authority does not regulate some forms of Buy to Let.
The guidance contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.