Life Cover:

Live insurance or life cover is a financial safety net for your family and loved ones. It pays out a cash lump sum, if the worst were to happen. 

Decreasing term assurance means that the cover amount will decrease over time, in line with your mortgage debt. At any one time, the pay-out amount will match the outstanding debt, usually a repayment mortgage. 

Level term assurance is when the cover amount remains level throughout the term. Because the cover remains level, you may take out this policy on an interest only mortgage. You may also want a surplus pay-out to cover your mortgage debt and cover living and lifestyle expenses for your family and loved ones. 

Unlike a mortgage product, life cover is specific to your own circumstances. Your current height, weight, smoker status and general health condition can all impact significantly on the cost, as well as how much cover you are taking out of course. 

Some policies have terminal illness included. This often means that if you have less than 12 months to live, the life policy will likely pay-out during this period. 

Please note, as with all insurance policies, conditions and exclusions may apply.