Life insurance will ensure your dependents are left in financial security if you were to pass away, prematurely. A Term life insurance policy will pay out if you die within the agreed term. This would provide a cash lump sum, or monthly installments, to your dependents; replacing your income. This money could be used to cover outstanding debts, pay off the mortgage, or maintain the standard of living for your family.
Life Insurance could prove very helpful to your loved ones at a difficult time. If you choose the specialised ‘funeral benefit’ option on your policy, funds from the payout would be automatically transferred to a funeral director, whom would also contribute to the funeral costs; depending on the particular policy.
There are two types of Term life insurance.
- Level Term – pays out only within an agreed time, with fixed monthly payments and payout.
- Decreasing Term – pays out only within an agreed time, with decreasing monthly payments and payout.
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Term life Insurance is inexpensive, with policies staring from £5 per month. Submit a quote above to compare UK leading providers and ensure you obtain the best value policy on the market.