| Immortality is no big deal. Just imagine getting up on | | | | There are a variety of different forms of cover |
| a Monday morning 52 times a year for the rest of | | | | available under the umbrella name of term insurance, |
| eternity. Really only two advantages of eternal life | | | | of which the following are the more usual examples. |
| spring to mind - you could start reading 'War & | | | | Family Income Benefit is one of the best and must |
| Peace' and know that you would have time to finish | | | | have been developed with bereaved families in mind. |
| it, and you wouldn't need life insurance. However, as | | | | The death of the policy holder during the term of the |
| mere mortals, maybe we shouldn't start on a very | | | | insurance releases a tax free sum which will be paid |
| long book and we should take out life insurance, | | | | every year right through to the end of the term. |
| because we none of us know just how long we | | | | Costs for this type are at a minimum because the |
| have got. | | | | term during which the payments would be made is |
| Not particularly cheerful advice, but very practical. Can | | | | constantly reducing. |
| you really face the idea of departing this life and | | | | Level term insurance is very straight forward. It is |
| leaving behind little more than the memory of you? If | | | | well suited to covering the capital portion of an |
| you have family or other dependants, it is vital that | | | | 'interest only' mortgage, because the value of cover |
| you provide for their futures especially if you are the | | | | is determined at the outset and is retained for the |
| main breadwinner. The trauma of the loss would be | | | | whole of the term. |
| quite enough for anyone to cope with, without | | | | A Decreasing Term policy on the other hand is better |
| having to worry about how they are going to | | | | suited to covering a repayment mortgage, as it |
| manage financially, and maybe even contemplate the | | | | decreases in value over the term to nil at the end, |
| loss of their home. | | | | effectively shadowing the reducing balance of the |
| So if you haven't got adequate life cover or perhaps | | | | mortgage. The premiums are correspondingly low. |
| have no life insurance of any sort, you should take | | | | An Increasing Term mortgage maintains its value |
| action to correct that situation without delay. Perhaps | | | | throughout the term by taking the effects of |
| you have considered it and perhaps you have even | | | | inflation into account, and is best suited to fulfilling a |
| had a look at what is available, and then put off | | | | lump sum requirement at a constant value. The |
| doing anything about it because there are too many | | | | premiums are correspondingly high. |
| options and it is difficult to know which to opt for. | | | | Finally it is worthwhile mentioning Whole of Life cover |
| This is absolutely understandable because there are | | | | which is not actually term insurance, as the cover |
| so many variations that anyone could be forgiven for | | | | provided is effective to the end of the life of the |
| being confused - but procrastination will not put food | | | | insured person, subject only to the premiums being |
| on the table for your dependents when you are | | | | paid as due. The insured amount, plus the value of |
| gone. | | | | any benefits accruing to the investment, is paid out |
| So you need information. The following is a general | | | | on the death of the insured |
| guide to what is available, which should enable you to | | | | The above few examples give a generalised guide to |
| decide more or less which types of cover may be | | | | some of the policies which are available, and should |
| best suited to your needs. The fine detail is avoided | | | | allow you to talk to a broker and discuss your needs |
| because that is best left to the experts, whom you | | | | in detail. It may well be that more than one type of |
| should be able to approach with a rough idea of what | | | | cover will be required to meet all your needs, but find |
| you are looking for, and equally important, which | | | | a brokers via the internet (which is an excellent |
| types would not be suited to your needs. | | | | source), and they will provide guidance. |
| Term insurance in one of its forms is likely to meet | | | | Once settled you can relax, content that you have |
| most needs. Its name indicates that it provides cover | | | | taken care of your dependents needs, and if you are |
| for a period which is agreed between the company | | | | really adventurous you could start reading 'War and |
| providing the policy and the insured individual. At the | | | | Peace'! |
| end of that term all cover ceases and there is no | | | | Life insurance and mortgage insurance from |
| cash value remaining. Payment against the policy will | | | | Express life insurance provides its customers with |
| usually be in the form of a lump sum on the death of | | | | loads of information about life insurance. |
| the insured. | | | | |