Its important to get Life Insurance in place. Just in case. We never know what’s around the corner. With a Life Insurance you are ensuring your loved will get looked after once you pass away. We have outlined some simple Insurance types. If you are looking for a competitive Life Insurance Quote then please visit Life Insurance UK who compare the best Life Insurance companies and provide you with the cheapest quotes.
Types of Insurance
What are the different types of life insurance?
The two popular types of life insurance are protection only (term), and investment type (whole of life).
Why is term insurance sometimes called temporary insurance?
This is because it is arranged over a fixed period of time, which has to end on expiry of the plan, rather than over your whole life.
What is the difference between increasable term life insurance and increasing term?
The two policy types are very similar, both make allowances for the increased costs you may wish to cover for over the period of a policy.
Increasing term automatically raises the premiums by a preset amount. This may be a fixed percentage each year, or it may be set according to current levels of inflation.
With an increasable term policy, you have the option of increasing your premiums at certain times, such as on the anniversary of policy, or when and certain events take place.
With both policies, the amount covered will increase in proportion to the premium. For example, if you have a policy for £100,000, and you increase your payments by 5%, your cover will also increase by 5% to £105,000.