Decreasing Term |
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The lump sum payout on offer with decreasing term assurance, as you might guess, decreases in size over time. The advantage of the reducing life cover under this type of policy is that premiums are likely to be lower too. Decreasing term assurance is also described sometimes as mortgage protection insurance. The sum assured in this type of policy reduces at a similar level to the mortgage or loan balance, you should always do annual reviews with this type of policy to make sure that the cover will, should the worst happen, leave an amount of cash that is sufficient to repay all outstanding debts. Some policies however may offer a waiver of premium option in the event of illness; this option will continue to pay the premiums on your behalf to ensure that you retain cover during the period of illness. If you stop paying the premiums at any time, cover will cease. Convertible Term AssuranceThe sum assured stays the same for the term of the policy. However, for an additional cost you will have an option to convert this original plan, or part of it, to another type of policy such as an increasing term assurance, a whole of life policy or an endowment, without further medical evidence being required. If you stop paying the premiums at any time, cover will cease. If you would like more information please fill out our quick enquiry form and a specialist adviser will be in contact shortly.
these are a sample of some of the companies available
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