Life insurance or Life Cover Insurance is a pre-agreed cash lump sum which is paid to your family or someone else who you nominate if you were to die. The amount is decided by your needs and should cover your family’s needs if you died, you may want the mortgage paid off, clearing all debts and even leaving your family a lump sum so they wouldn’t suffer financially during such a bad time.
Who can avail a Life Cover Insurance?
It is available, depending on the insurer to anyone age 17 and over to 75 usually, as the final entry age, although you can take insurance out to age 90, this is called a term insurance as it has a set time period or term, but there is Whole of Life now, which never ends until you die.
What is a Level Term Insurance?
Term insurance provides life insurance coverage for a specified term. The policy does not accumulate cash value. Term insurance is significantly less expensive than the whole of life and the prices can be fixed for the whole term or index-linked to raise with, depending on the insurer, RPI, Inflation or a set %.