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What is life insurance?
Life insurance is a type of insurance policy that can provide financial support to your loved ones when you pass away. It can offer this in a lump sum payment, which can help clear outstanding debts, such as your mortgage, and give your family money to live off, so your partner or children can continue to pay bills
Level term life insurance offers a fixed amount of money, for a fixed period of time, that you pre-select. If you die within the chosen time period, the policy pays out a lump sum to your beneficiaries. This is useful if you want to leave your loved ones a pay-out so that they can continue to meet debts, such as bills or an interest-only mortgage. If you survive the policy term, this type of cover won’t usually pay out.
Decreasing term insurance is another type of fixed term policy aimed at people whose financial commitments reduce over time. For example, if you’re repaying a mortgage. The amount of money needed after you die to cover the mortgage will decrease as your mortgage decreases. Learn more about life insurance and mortgages.
Also called whole of life insurance, this policy lasts as long as you do and always pays out if you die (as long as you’re kept up with monthly payments). They’re often used to offset inheritance tax payments. While this type of policy could offer you certainty that there’ll be a financial payment to your loved ones, the downside is, for that reason, they’re more expensive than say decreasing term cover.