Term - Uk Life Insurance Cover - Summary
This is the simplest type of Life Cover Quote; is usually known as term life assurance cover because you choose the plan 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 usually get nothing. As a couple, you can also take out joint Family Life Cover plan in both your names, with the policy paying out if either of you die during the term.
Also consider the amount of life cover when doing quotes - you need this if not covering say just a debt like a mortgage or loan. Common Uk life cover industry practise was 10 x salary eg; If you earn say £50kpa - then you may need £500k or what income is perhaps lost over next 10 years if you died.
Things to look out for if requesting this type of Life Cover Quote Online
Increasing policy (where cover and premium rise over the years to offset inflation)
Renewable policies (which let you extend the original term).
Guaranteed (where life insurance premiums stay the same throughout the term)
Reviewable premiums (where life cover premiums may go up every year or 5 years gone up at a review)
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)
Note their is usually no cash in or surrender values
Income Term Benefit - Uk Life Assurance Cover
This type of Life Cover policy 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.