What is Life Insurance?
• Life insurance is the term used to refer to a group of insurance products that pay out on the death of the person named on the policy
• People take out these policies for a number of reasons but most generally to pay their mortgage should they die while it is outstanding or to provide for their families if they pass on unexpectedly
What is Mortgage Protection insurance?
• Mortgage protection policies pay if the policy holder dies while their mortgage is outstanding.
• If a person has a mortgage on their home then they are generally required by law to have a mortgage protection policy.
• The value of the policy is designed to match the outstanding mortgage at any given time.
What is level term life insurance (level term)?
• A level term policy would generally be used for two things:
- To provide for your family should you pass early.
- If you have an interest only mortgage.
What is Serious illness insurance?
• A Serious Illness policy pays out in the event of the policy
owner becoming seriously ill with an illness specified on the policy.
• These policies can either stand alone or be part of a mortgage protection or level term policy.
What is Income Protection?
• Income Protection insurance provides a replacement income should the policy holder become unable to work through accident or illness whilst the policy is in force.