Life Insurance
Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person or in the event they are diagnosed with a terminal illness (where life expectancy is may be than 12 months), during a specific period of time or throughout your life if “Whole of Life” insurance is chosen.
Life insurance is a way of helping your family cope financially when you die. It is intended to provide help to your loved ones when they can’t rely on your salary or income any longer.
The pay-out can be used to clear debts, pay off the mortgage or just cover everyday expenses. It could even pay for your funeral if you haven’t made any provisions or arranges a funeral plan.
What types of Life Insurance are there?
Term Assurance
You choose a specific period of time / term and an amount of cover, then pay a premium until the policy ends. There are two types of term insurance, level term and decreasing term.
Whole of Life Insurance
You choose an amount of cover, and the policy will pay out whenever you die. You have to pay your premiums until you die, or you could invalidate your policy and get no pay out.
Over 50's Life Insurance
You can only apply if you are over the age of 50. You choose an amount of cover and pay a set premium each month. Some policies have age limitation for claims, but most do not.
Parkview Mortgages Limited is authorised and regulated by the Financial Conduct Authority (FCA) for mortgages, protection insurance, and general insurance products. Our FCA number is 966342. We are whole of market brokers, we are credit brokers, not a lender. The FCA does not regulate most Buy to Let mortgages. Parkview Mortgages Limited is registered in England and Wales at 30 Park Street Prestwich Manchester M25 1GT company number 13778551.