Types of life insurance

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Term Insurance

Its' fundamental role is to provide a cash lump sum if you die during a specified number of years (which you decide). When you plan your finances, this lump sum can be used in a number of ways. The obvious use is to pay off the mortgage but you may have other debts to cover, or the family may need a lump sum to help them re-establish their lives. Other people use Term insurance to simply to leave a lump sum gift to a friend or loved one.

Critical Illness Insurance

Critical illness can devastate family life and the longer you survive the greater the financial problem. Family income drops and the debts remain. Furthermore, many illnesses incur additional expenses - for example, adapting the home or car and your partner may have to give up work to look after you. Critical Illness Insurance is designed to cover this situation. It pays out a lump sum as soon as you are diagnosed with a serious illness.

Dependants Income Insurance

Its role is to provide a regular income, as opposed to a lump sum, for your dependents if you were to die whilst the insurance was in force. It is important to understand that this income ceases when the term you took the insurance for is completed.