Types of cover
Wondering what are the different types of life cover and what do they mean ? We have the answer for you.
- Decreasing Life Cover
This type of cover is for people who want to protect their mortgage, this means that as your mortgage balance decreases so does the amount your policy will pay out.
- Created to protect a repayment mortgage.
- Suitable for your your own or for a joint application.
- The amount paid out reduces as the plan goes on and as your mortgage balance decreases.
- Cash lump sum payable covers the outstanding balance of the mortgage
- Level Term Cover
This type of cover is for people who want to protect their family, this means that the amount of money that this policy will pay remains the same for the length of your policy.
- Created to assure financial security for your family.
- This type of policy can be used for other costs, mortgages, education,etc.
- Suitable for your your own or for a joint application
- A set amount of cash payable for the life of the plan, part of which can be tax free.
Critical Illness Insurance or critical illness cover is a product that contracts the insurer to make a lump sum cash payment if the policy holder is diagnosed with one of the illnesses listed in the insurance policy.