A whole of life insurance policy typically covers you for the whole of your life and makes a lump sum payment if you die. The payment may be made to a loved one to help ease any financial stress after your passing. You may wish to choose the payment to also be kept in a trust for future use by children or other dependents.
Term life cover
Term life insurance is a simple type of life insurance cover that may make a lump sum payment if you die during the term of the policy. You may choose a short term policy that you may renew on an annual basis or a longer term policy.
Over 50s life insurance
Over 50s life insurance is specifically for those over the age of 50. Generally most insurers allow you to take out a policy if you are between 50 and 80 years of age. This type of life insurance cover makes a lump sum payment if you die during the term of the policy. Some insurers may only make a payment if you die under the age of 90.
Some over 50s policies don’t require you to have a medical check in order to take out cover. Payment may be used to pay funeral expenses, pay any outstanding debts you may have, or to give your family some financial security when they need it.
Unemployment cover
Unemployment insurance may make regular monthly payments for a set period if you are made involuntarily redundant. This type of policy generally only makes payment for a set period, typically 12-24 months depending on the level of premiums you have chosen to pay and the terms and conditions of the policy. If you find a job within the set period, the pay outs stop.
Critical illness cover
Critical illness cover is to insure you if you become seriously ill and become unable to work. Some policies make a lump sum payment which may be used to help towards private medical treatments, therapy, physiotherapy or surgery. In order to make a claim most insurers will require a letter from your doctor confirming diagnosis of the illness.
Critical illness insurance can often be added on to your life insurance cover. The level of premiums will be influenced by a number of factors, including your medical history or any family history of serious medical conditions.