Life Co - Term Life Cover
This is the simplest cheap type of Uk Life Cover Quote available from a Life Co. It is also known as term life assurance cover plan because you choose how what term ie; how long you're covered for, say, 10, 15, or 20 years (the term).
Term life assurance cover only pays out if you die within the term you've agreed. If you live longer than the term, you get nothing. As a couple, you can also take out Family Life Cover plan in both your names, with the policy paying out if either of you die during the term.
Also consider how large the new life cover when doing quotes - you need this if not covering say just a debt like a mortgage or loan. Common uk life co industry practise is 10 x salary but this is harder to apply in a low interest rate environment.
Things to look out for if requesting this cheap type of Life Co Quote Online ...What type of new Family life cover policy do you want? For example
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Increasing policy (where cover and premium rise over the years)
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Renewable policies (which let you extend the original term).
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Guaranteed (where life insurance premiums stay the same throughout the term)
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Reviewable premiums (where life cover premiums may go up every year or 5 years gone up at a review)
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Waiver of Premium (where the Insurer waives/protects & covers your premiums after a deferred period of 4/8/13/26 weeks due to sickness or accident)
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Note their is usually no cash in or surrender values
Life Co - Term Income Benefit
This type of policy available from a Life Co, pays out income to your Family rather than a lump sum & maybe suitable for those who require income for their family on death. This Family Life Insurance Cover or Family Income Benefit plan may be increasing to help offset inflation. |