Generally, there are three types of life assurance policy:
1. Level Term assurance pays out a fixed tax-free lump sum upon the death or Specified Illness of a life assured. Typically you pick the benefits you require and the term you wish this cover to last. Once medically underwritten and the policy issues and the premium and cover remain fixed or level for the full term. There are options to include additional benefits such as Specified Illness Cover, indexation to allow the cover increase with inflation or a conversion option which allows the cover to continue beyond the initial term without medical evidence. This policy is usually used for family protection or mortgage protection as well as business director and keyman cover.
2. Decreasing Term assurance pays out a decreasing tax-free lump sum upon the death or specified illness of a life assured. Typically you pick the level of cover you wish to start with and the term you wish this cover to last. Once medically underwritten although the premium remains fixed the cover continuously decreases over the term. There are additional benefits you may include such as Specified Illness cover and a conversion option which allows the cover to continue beyond the initial term without medical evidence. This policy is usually used for family protection or mortgage protection as well as business director and keyman cover.
3. Whole of Life plans have no fixed term, they are designed to provide flexible cover for the whole of your life. The premiums are reviewable by the life companies and typically get more expensive over time. The cover remains in force as long as the premiums are maintained. There are options to include additional benefits such as Specified Illness Cover, indexation to allow the cover increase with inflation and these plans can also provide tax efficient inheritance planning cover for your family.
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