Life assurance policies help to protect your family

Life and critical illness assurance isn’t the most pleasant thing to think about. But it’s essential if you want to protect your family’s financial security in case anything should happen to you.

There are two types of cover – level term assurance, and decreasing term assurance. We’ll talk you through both options when we look at life assurance policies with you but here’s a quick overview.

Level term assurance gives a guaranteed benefit. This is payable either on your death or if you are diagnosed with a terminal illness and life expectancy is no greater than 12 months.  Life assurance policies end after a terminal illness claim.

Decreasing term assurance works in the same way. However, the amount of benefit reduces each year by a predetermined amount. The cash sum should be enough to repay the outstanding mortgage as long as certain specified conditions are met.