Nobody wants to think about death, but the reality is that loved ones will need financial support after you have passed on. Would they be able to pay the mortgage, bills, childcare etc? Taking out a life insurance policy ensures that loved ones have financial security when we die, giving them and you valuable peace of mind.

There are many different types of life cover available which are:

Level term insurance

Level term insurance provides basic cover for a set number of years, this requires premiums to be paid regularly (either annually or monthly) and in return paying out a sum of money (the ‘sum assured’) on the policyholder’s death. With level term insurance the sum assured is guaranteed and remains the same for the duration of the policy, however if the policy expires and the policyholder is still alive then no payout is made.

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Decreasing term insurance

Often referred to as ‘mortgage life insurance’ decreasing term insurance is so called because the sum assured decreases over the term of the policy. It is often used to cover a mortgage, with the sum assured decreasing at the same rate as the outstanding mortgage balance. As with level term insurance, if the policy expires and the policyholder is still alive then no payment is made. This is usually the cheapest form of life insurance available.
Increasing term insurance

With this type of life insurance the sum assured increases gradually over the policy term, often by a set percentage or linked to recognised indices e.g. the Retail Price Index.

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Whole-of-life insurance

This policy guarantees a payout when the policyholder dies providing that the premiums are maintained and the policy remains active. The premiums and sum assured are normally guaranteed not to increase for the first ten years of the policy.

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Family income benefit

Rather than receiving a lump sum when you die, your family will receive regular payments over a set period of time. The term over which the benefit is paid is agreed at the policy outset.

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Endowment life insurance

This is the equivalent of a savings scheme with life insurance attached. This type of policy is usually linked to a mortgage, with returns paid out at the end of the policy term; if the policyholder dies before the term expires then normally a lump sum will be paid plus any returns accumulated so far.

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Renewable term insurance

This is a term insurance policy that can be renewed at the end of the term without having to undergo a new medical assessment. Your new premiums will be based on your age at the time of renewing the policy.

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Convertible term insurance

This is term insurance that provides the option to convert the policy to a whole-of-life or endowment policy at the end of the term without providing further medical evidence. The premiums charged for convertible term insurance will be slightly higher than for level term insurance to allow for the cost of the conversion option.

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Optional extras

When you take out a life insurance policy you’ll have the option of taking out Critical Illness cover for an extra cost. This additional cover will pay out a lump sum on conclusive diagnosis of a critical illness, including debilitating but not necessarily terminal conditions such as heart attack, stroke, cancer, etc.

There are different levels of Critical illness policies available and each policy is very specific as to which conditions they will pay out for.

Whether it’s about leaving your debts behind or ensuring your family can maintain the standard of living to which they were accustomed, it’s clear there are plenty of reasons to look for the best life insurance policy for your personal circumstances. Call Sidstone for a quote today on 08445 045196 or complete this simple form.

If you need any help or advice please call 08445 045196 and we will be happy to help. Remember we offer free advice for all of our services including mortgages, remortgages, life assurance, critical illness cover, income protection, secured loans, bridging loans, buildings and contents insurance, and many other finance related services.