Have you reviewed your life insurance lately?
If you haven’t, it’s time for Moneysave to do a review. We shop around to make sure that you are getting the best price out there. If you only did a review with your bank you need Moneysave to do a review as when you go to a bank, the bank will only give you their price.
Some people are on the incorrect policy. You might have taken out a policy when you took out your mortgage at the start but your circumstances have changed, and so does your level of cover. So contact Moneysave to make sure that you are getting the right cover.
Different types of life cover
Life insurance (also known as ‘life assurance’ or ‘term assurance’) is a policy that pays out a lump sum in the event of the policyholder’s death, with the purpose of protecting loved ones and dependents against financial hardship.
Life insurance is usually available on a single or joint life basis with benefits including paying out on the diagnosis of a terminal illness. If the policyholder is alive when the policy expires no payment is made and, should the policyholder stops paying premiums at any stage, the policy has no value.
There are several types of Health Insurance:
Level term insurance
Designed to pay out a sum of money if the policyholder should die during the policy’s term. The sum assured is guaranteed and remains unchanged throughout the term
Decreasing term life insurance
Decreasing term life insurance i.e. mortgage protection cover – where the sum decreases during the policy. It is regularly used to protect capital and interest repayments on a mortgage
Renewable term insurance
On the expiry date there is an option to continue without a health review
Convertible term insurance
Level term insurance with the option to revert to whole life or endowment insurance
Increasing term insurance
Due to inflation the value of money declines each year. Consequently, this form of insurance combats that with an escalating sum assured
Index linked term insurance
Some insurers provide the option for the premium to be increased each year in relation to the Retail Price Index