Life insurance pays money to your spouse or dependants or a named person when you die. It pays either a lump sum or regular income if you die during the time limit set out in the policy. The cover is either whole of life or for a specific term.
Your age, health, smoker status and family medical history will affect your eligibility and the cost.
*For example If you take out a policy on your life for 200,000 over 20 years. This means if you die Within 20 years, the policy pays out 200,000 to your named person, after a death certificate is produced. If you do not die within the term of the policy, in this case 20 years then no benefit is paid out and the policy ends.
*This example is used for illustration purposes only.
Mortgage protection is a type of life insurance policy that repays your mortgage if you die before clearing the loan. The cover lasts until you repay your mortgage. Your age, health, smoker status and family medical history will affect your eligibility and the cost.