Is there any investment value in your policy?

No. Once the term is completed the policy simply ends. It’s a bit like car insurance!

STEP 1 of 2
Type of cover
Life Insurance       Mortgage Life Insurance
 
Cover Level (£)

Number of years
Do you want:  
Critical illness cover
Family income benefit
 

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Life Insurance - why do you need it?
You may want Life Insurance to provide some financial protection for the family or to cover the payment of an Interest Only Mortgage.
Is there any investment value in your policy?
No. Once the term is completed the policy simply ends. It’s a bit like car insurance!
How long should you insure for?
For mortgage protection purposes you should also insure yourself for the same number of years that are remaining on your mortgage. The initial sum insured should always equal the capital sum outstanding on your mortgage.
Should you include Critical Illness cover on your Life Insurance policy?
You should certainly consider taking out Critical illness cover whether you combine it into your Life Insurance policy (which is by far the cheapest way to buy both insurances) or you take out separate policies (which gives you far more protection – see below).
What is the Difference Between Critical Illness Insurance and Terminal Illness insurance?
Critical Illness Insurance is much more comprehensive than Terminal Illness cover.
It is important to be aware that Life Insurance policies have no investment value. If you survive to the end of the policy’s term, the policy is finished. There is no payout and no value left in the policy. A Life Insurance policy only has a value if you make a claim.

It is worth being aware that Life Insurance is different from Life Assurance. A Life Assurance policy combines a guaranteed sum insured with a form of investment. The longer you pay in the more you hope your policy is worth.

The monthly premiums for Life Assurance can be quite steep.

A Frequently Asked Question related to the above topic.
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