Types of Life Insurance

If you are considering life insurance then we at ist-4-life-insurance feel that it is essential that you are fully aware of the different types o f life insurance that is available to you. This way we are confident that all of our valued clients are able to make a fully informed choice as to the life insurance policy that best suits their needs and meets all of their wishes for the protection that they will have in the event of their death to fully protect their loved ones and family against financial hardship and difficulty.

There are various types o f life insurance but the main one s that will be on offer to you are outlined below.

Decreasing term insurance

This is a life insurance where an amount will e paid to your beneficiary on the event of your death should you die within the period specified. Usually you can specify periods of 5, 10,20,25,30 and 35 years. As it is a decreasing term insurance policy the amount that will be paid out to your beneficiary will decrease as time passes. This also means that a payment will be made only in the event of your death. Should you die after the time period that this policy runs for then no payment will be made.

Level insurance

This is similar to term insurance however a payment will only be made on the event of death only for a fixed period of time. The cost of your premiums will increase the older that you are when you take this policy out and the amount of money paid will remain the same no matter when within the time period that death occurs. This type of policy is flexible in that you can choose the amount you would like to be covered for and the period for which you would like it to run for. The cost of your premiums remains the same amount.

Whole of life insurance

Unlike the policies previously mentioned this policy guarantee a lump sum payment whenever death occur and not limited to just being made should death occur within a set period of time. Therefore this life insurance covers you for the whole of your life. The premium is usually set for a ten year period and then is reviewed after this point and may change slightly to reflect any changes in your lifestyle. However this type of policy is more expensive then the previous mentioned options.

Universal life insurance

As with whole of life insurance cover this policy guarantees a lump sum paid to the beneficiary whenever death occurs and again not limited to just being paid should death occur within a set period of time. However this policy also includes additional options such as health cover, critical illness cover, personal accident and hospital benefits. Your monthly premiums are invested into a fund which has potential for growth. The lump sum paid to the beneficiary is paid fro the investment that is made on your behalf.

At 1 st-4-life-insurance we hope that by outlining the types of life insurance avai la ble to you, you are able to make the right cho i ces and can rest assured that you are on your way to putting into place the fin an cial protection that will give them the peace of mind that they deserve.