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Cover options

Let's talk about your options

Get a Life Insurance quote

Protect the ones you love with the right cover 

  • Choosing the right cover means thinking about what you need to protect the people you love. This can include any money you owe, like a mortgage and the cost of living now and in the future.
  • To help you, we’ve explained some of the main options you can choose on your policy and how it will affect your pay out if you need it.
 
level or decreasing cover

Level or decreasing cover explained

Level cover Life Insurance

Photo frame and two stacks of coins to the left
  • Level cover pays out a lump sum should you die during the term of the policy. You can leave this  money to your family and dependants, or pay off a mortgage
  • It provides certainty as both the cover amount and your premiums are fixed for the term.
  • You can choose both the amount of cover in £'s and the term - from 5 to 45 years

Decreasing cover Life Insurance

House
  • The amount of money you’re covered for reduces year on year, making this a good option to cover the reducing amount you may owe on a capital and interest repayment mortgage or other loans.
  • It provides you with a lump sum of money that decreases usually in-line with your debt.
  • Your premium remains the same for the duration of your policy
  • Is usually cheaper than level cover
  • You can choose both the starting amount of cover in £'s and the term - from 5 to 45 years

Reasons for not choosing Level or Decreasing term

 Level cover life insurance:

  • Level cover is usually more expensive than decreasing cover
  • It doesn’t keep up with inflation and will be worth less in the future
 
Decreasing cover life insurance:

  • If you have an interest only mortgage or you are planning to make under or overpayments this product may not be suitable for you
  • Depending on interest rates and when you die, the amount of money paid may be more or less than the amount you owe on your mortgage or loan
 
length of cover

How long do you need your cover to last?

Amount of cover

For many people, how much they can afford is also important.

To help you decide how much you need, think carefully about the financial needs of your family or dependants.

  • Protecting your home 
    Often your property is one of the biggest investments you will make in your lifetime, so it would make sense to protect your home, should anything happen to you. You can then be comforted knowing that your family won’t have this financial burden when they are facing a difficult time and they can remain in your home for their future.
  • Protecting your partner 
    If anything should happen to you then your partner will need to still take care of the household expenses and bills. Think about your regular household expenses and savings to understand how long your partner could last without your income and how much money the family would need. 
  • Protecting your children 
    The cost of childcare is one of the biggest expenses for the family; especially if your children are thinking of attending college or university in the future, so think about how you can protect those opportunities for your children. 
Single or Joint cover

Single and joint life cover explained

Single life cover

person in front of a heart
  • Insures only you and pays out if there is a claim during the plan term
  • You can take single life plans as a couple.  If you both take out a plan, if one person dies their plan would pay out, and the other person’s plan would continue, and they would still be covered
  • This is unlike a joint plan, which only pays out once when the first person dies. The plan then ends, and the second person is no longer covered
     

Joint life cover

two people in front of a heart
  • Covers both people insured for the same amount of cover and length of time
  • The plan pays out for the first claim only 
  • After that, the plan stops and the surviving person is no longer covered 
  • Taking out a joint life insurance plan normally costs less than two single plans
  • Usually taken out where the death of either person will have a significant impact on the lifestyle of the other, particularly where there are children involved