Mortgage Cover

Level Term Insurance It pays out a LEVEL amount to your dependants if you die During the FIXED TERM Level Term means. The Amount of insurance you have TAKEN OUT LETS SAY £200,000, STAYS THE SAME FOR THE SET PERIOD YOU HAVE CHOSEN LETS SAY 20 years : SO IF YOU DIE DURING THIS PERIOD £200,000 WOULD BE PAID OUT GUARANTEED. Decreasing Term. Exactly the same as above £200,000 over 20 years, But this type of cover reduces each year so if you died in 5 years time your next of kin would NOT receive £200,000 but a reduced amount. This type of cover is normally the cheapest. Some Tips below.

Make sure it is affordable. If there is two of you, sometimes it is better to have one policy each than having a Joint policy (although you incur a policy fee on each policy) the reason being is : if one of you dies then the policy pays out and the surviving person still has their own policy in force where as if was in joint names the policy would no longer be in force due to the first death, so you would have to take fresh cover out which might be expensive due to age and any medical conditions, So make sure you get quotes on Joint and Single policies. Make sure you inform them of your medical history,  Don’t leave to chance as this could invalidate your cover. You should always consider writing the policy in trust.

If you have a policy already running and you are classed as a smoker when you started the policy and are now a non smoker ( stopped smoking for at least 1 year then you should be able to obtain a reduction in your monthly premium.)pixelstats trackingpixel