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What is Life Insurance?
Life Insurance is also known as Term Insurance.
Should you consider Mortgage Life Insurance instead?
Only if you have a Repayment Mortgage and want insurance cover for it.
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 have a “Guaranteed” or a “Reviewable” policy?
With a Guaranteed policy your insurance company Guarantees never to increase the premium at any time during the policy’s term.
Can you have different levels of cover on a joint life policy?
Yes you can - but it may be better to buy separate policies.

Should you include Terminal Illness Insurance?

You probably won’t need to - most policies include Terminal Illness cover free of charge on all Life and Critical Illness policies.

Terminal Illness cover gives you the added benefit of knowing that if you are diagnosed with a serious illness and were expected to die within a year, then life policy will pay out straight away rather than waiting for you to pass away.

This clearly has positive advantages. For example, removing the worry of mortgage payments at a difficult time, paying off debts or simply providing a lump sum to make life more comfortable.

You may also wish to consider Critical Illness cover. This provides far more extensive insurance cover than just Terminal Illness cover. We advise you to understand the difference between Critical Illness and Terminal illness cover and then make up your mind.

Frequently Asked Questions related to the above topic.
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