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Life Cover

Covers you against: Death or terminal illness

Benefit paid: Lump sum

Life cover provide a lump sum, paid tax free, to your dependents in the event of your death. There are two main ways in which the cover can be arranged:

Level Term Assurance: this type of policy is where the amount of cover, which is also known as the ‘sum assured’, remains at the same level thorough the length of the policy. This type of policy is often taken out to help pay off a mortgage and is most suited to interest only mortgages, where the amount owed does not decrease over time.

Decreasing Term Assurance: again this policy pays out a cash lump sum in the event of death, but the amount of money paid out decreases over time. These policies are a good fit when taken out alongside a repayment mortgage so that the amount paid out is the same, or close to the amount left on the mortgage. As the amount of cover decreases over the length of the policy, the premiums are typically cheaper than they are for level term assurance.

Finding the right protection can be complex, feel free to call us today on 01869-248339 or email us at mortgages@imsinternet.co.uk to receive some expert advice.

  • Contact us

    If you would like to arrange an appointment to speak with our mortgage team or if you have any questions, please call 01869 248 339 or email us at info@imsinternet.co.uk

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