The main types of term assurance and life insurance are:
- Level Term – Premiums and life cover remain level throughout the policy. Can be in single or joint names.
- Mortgage Protection – This is a form of decreasing term assurance. The premium remains constant, but the life cover gradually reduces each year. Normally used to protect a repayment mortgage. Can be in single or joint names.
- Family Income Benefit – These are used to pay a monthly or yearly income in the event of death. Commonly used to provide a widow/er with income to ensure dependent children can be adequately provided for. Can be in single or joint names.
- Critical Illness Cover – People are becoming increasingly more aware of the value of having critical illness cover in place. Unlike life cover, this benefit pays out once you have been diagnosed with one of the specified illness as listed in the policy.
Building and Contents Insurance
Buildings insurance covers damage to the actual structure of your home, such as the roof, walls and floors. Contents insurance covers your family’s possessions in your home. For example, your TV, iPad, clothes, curtains, carpets and furniture. Put simply, contents insurance covers anything that can be moved whilst building insurance cover insures anything that can’t!
You should always ensure that there is proper insurance in place from the moment you become responsible for the property, even if this is before moving in. I can source competitive quotes and arrange for your building and contents insurance to be in place ready for exchange of contracts.