Also known as Term Assurance this type of product provides a fixed lump sum or income should you die prematurely during the policy term.

The number of years you wish the policy to run can be chosen to a certain age or a date at which the policy is to end.

The premiums you pay can be reviewable (cheaper but there is the possibility of them increasing) or guaranteed not to change during the policy term (more expensive but do not increase)

Level or Decreasing cover is available. Level cover means that the level of cover is fixed over the policy term does not reduce.

Decreasing life cover means that the cover reduces over the term of your policy. If taken out to cover a mortgage debt, the amount of cover reduces in line with the capital outstanding on a repayment mortgage and is designed to repay your mortgage debt in the event of death.

It is possible to take this policy on a single life, joint life first death or life of another basis.

In addition to Life Assurance it is possible to take out additional cover called Critical Illness Assurance. This type of cover pays out in the same way as above but instead of death, it pays out upon the diagnosis of a pre defined Critical Illness. It is possible to take out a Life and Critical Illness policy, this type of policy pays out upon death.

To discuss your Life / Critical Illness Requirements, or review existing cover, call us today on 01224 594503 or email info@moneyplan-it.co.uk