Life Insurance pays a cash lump sum to your loved ones if you die, or become terminally ill. If you have a family or a partner who are financially dependent on you, or if you have liabilities such as a mortgage or loan then you should consider Life Insurance.
Life Insurance is often referred to as Life Assurance, Term Insurance, Term Assurance or Mortgage Life Insurance. While it comes under many names, the essence of the policy is the same, i.e. you pay a monthly premium and in the unfortunate event of your death, a tax free sum of money is paid to your family or nominated beneficiaries.
There are 2 main types of Life Insurance:
- Level Term Life Insurance: With Level Life Cover, the sum assured is guaranteed and remains unchanged throughout the term of the policy. It is often used to cover interest only mortgages and loans or for family protection.
- Decreasing Life Insurance/Mortgage Life Insurance: With Mortgage Life Cover, the sum assured decreases throughout the term of the policy. It is often used to protect capital and interest repayments on a mortgage or loan.
There are other types of Life Insurance available such Family Income Benefit which pays a monthly benefit instead of a lump sum, Increasing Term Insurance which increases on an annual basis to offset inflation and Convertible Term Insurance which offers the option to revert to whole life or endowment insurance. These Life Insurance Policies are not as common so are not offered through our website, however if you are interested in them please feel free to Contact Us.
Top Quote Online is one of the Internetís leading brokers for Life Insurance, allowing you to instantly compare Life Insurance Policies from the UKís leading providers. You can get an Instant Life Insurance Quote Online or speak to one of our qualified advisor by calling us free on 0808 1782777.