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Life Cover & Critical Illness |
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One may insure your life (or the life of another in which you have a financial interest) so that a lump sum is paid on death and/or critical illness. One may either insure so that the amount of cover remains the same or reduces in line with the outstanding loan value of a repayment mortgage. (Repayment mortgage cover is much cheaper since ones cover reduces to zero over the policy term – you do not actually require a repayment mortgage for such cover as long as you have a liability that needs covering.)
You may either insure one life or two lives on a policy. Insuring two lives on one policy is cheaper than insuring two with separate policies, however, a joint policy will only pay out once leaving the other party without cover in such case. It is generally more cost effective for each life covered to have their own policy since the amount of cover is effectively twice as much whilst the increase in cost is much less than twice.
1 Click (UK) Limited is an appointed representative of Sage Financial Services Limited which is authorised & regulated by the Financial Services Authority.
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