What types of Life Insurance are there?
There are two main types of term Life Insurance cover, Level term and Decreasing term (also known as Mortgage term), which you can get as a Single or a Joint policy. In addition to your Life Insurance policy you can take out Critical Illness cover.
Level term vs Decreasing term
Choosing the best type of Life Insurance is a personal decision, there is no right or wrong answer. What you need may depend upon a range of factors including; your current situation, where you plan to be in the future, the amount of cover you need, and your monthly budget.
Types of Life Insurance
Consider looking at both Level term and Decreasing term cover when getting your Life Insurance quotes from Beagle Street to compare the type of cover available to you and the cost of your premiums.
Level term insurance allows you to fix your cover amount over a set policy term.
If you die during this term your family would receive a pay-out to this value.
Decreasing term insurance differs as your cover amount decreases in line with your mortgage, meaning your family will receive a lower pay-out than the initial cover amount. For this reason Decreasing term premiums are lower than level term insurance.
Cover amount over time
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33% of people do not consider Life Insurance when applying for a mortgage
Your next decisions:
How much cover do I need?
Don’t know how much cover you need? Use our handy Life Insurance calculator for help.
Check out our collection of handy guide pages to help answer any further questions you may have about Life Insurance.
How many Life Insurance policies can I have?
Do you have responsibilities that need to be looked after if you were to die?
What's not a Type of Life Insurance policy?
Critical Illness cover (CIC)
This cover can be added to your Life Insurance policy. It’s intended to protect your family should you be diagnosed with one of our covered critical illnesses. You can choose whether you add this cover to your policy within your quote. Click here to find out how CIC could help protect you family.
Unlike “Life Insurance”, life assurance is intended to pay-out when you die as opposed to if you die. It is completely different to Life Insurance, and something we don’t offer here at Beagle Street. Click here for more details about life assurance vs insurance.
Protecting your Own Future
If you are diagnosed with a terminal illness that estimates you have less than 12 months to live, you can claim your life cover and spend the money as you wish (the claim cannot be made if you are diagnosed within the final 12 months of your policy term).