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Life Insurance / Life Assurance / Life Cover.

A life insurance policy provides a sum of money for family members in the event of the policyholder's death during the term of the policy. It is primarily designed to help protect immediate family members and other dependents from financial hardship, for example, by providing the means to pay off the mortgage on the family home.

For that reason, life insurance is often linked to the duration or "term" of a mortgage, and is therefore also known as Term Life Insurance, Mortgage Protection, Mortgage Life Insurance and Term Assurance.

If the policy is to be used for a repayment mortgage, then a decreasing term life insurance product is usually the best choice, as the amount of money the policyholder has been insured for decreases in line with the value of the outstanding mortgage balance.

Conversely, a level term life insurance product is usually the best choice for an interest-only mortgage, where the value of the outstanding mortgage balance remains constant during the term of the policy.

Level term life insurance is also the preferred choice for the other main usage for term life insurance, namely providing family protection until the children leave home. It is often advisable to consider an index-linked policy in this instance to counteract the effects of inflation on the value calculated to provide sufficient protection for the family.

Most leading life insurance policies include Terminal Illness Insurance at no extra cost. In the event that the policyholder is diagnosed with a terminal illness (defined as where life expectancy is less than 12 months), then the insurer will agree to pay the amount of money insured on diagnosis rather than death. However, this benefit is not available during the last 18 months of the life insurance policy.

Further cover can be provided with Critical Illness Insurance, which pays out the amount of money insured should the policyholder be diagnosed with having one of the specified Critical Illnesses. Not all companies have the same Critical Illnesses, so it is important that the policyholder is familiar with the inclusions and exclusions before any documentation is signed.

Saligo Bay Financial Services Limited is an Introducer Appointed Representative of Click Financial Limited, which is authorised and regulated by the Financial Services Authority, FSA Register number 311877.

QuoteLifeCover is a trading name of Saligo Bay Financial Services Ltd.