When it comes to your life insurance, you’ve got many options
The question we are always asked is what are the different types of Life Insurance? Life insurance – choosing a policy – Money Advice Service
Life Insurance is put into place to protect the insured person against monetary problems due to accident, sickness and death. This would then help the insured loved ones in settling loans or providing missing income. Insurance – Aspire FS
‘Single life’ policies cover just one person. A ‘joint life’ policy covers two people, and when one person on the policy dies, the money is paid out and the policy ends. You will need to decide whether the joint policy pays out on first or second death, as this will determine when the policy ends.
When choosing between these options, think about:
Affordability – a joint life policy is usually more affordable than two separate single policies.
Cover needs – do you both have the same life insurance needs, or would separate policies with different levels of cover be more appropriate?
Work benefits – if one of you has work ‘death in service’ benefit, you might only need one plan, however the question of whether your work changes together with the benefits should be asked.
Health – if your joint policy is with someone in poor health, this may increase your monthly payments.
So what are the different types of Life Insurance?
- Term Insurance Term Life Insurance North Devon – Aspire Financial Services (aspirefs.co.uk)
- Critical Illness Critical Illness North Devon – Aspire Financial Services (aspirefs.co.uk)
- Family Income Benefit Family Income Benefit North Devon – Aspire Financial Services (aspirefs.co.uk)
- Income Protection Insurance Income Protection Insurance North Devon – Aspire Financial Services (aspirefs.co.uk)
- Business Protection Insurance – Key Person, Relevant Life Business Protection North Devon – Aspire Financial Services (aspirefs.co.uk)
- Home Insurance Home Insurance North Devon – Aspire Financial Services (aspirefs.co.uk)