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 Level Term Insurance This cover provides a lump sum to your family or other dependants in case you die during the policy term. Whole of Life Insurance This is an investment based policy mainly used for inheritance tax planning. Mortgage Term Assurance This cover provides a sum assured to pay off your mortgage in case you die. The amount it pays out decreases as your outstanding mortgage decreases. Renewable Term Assurance A short term policy and therefore cheaper initially, and commonly used for protecting companies if a key employee were to die. The cover can be renewed without further medical evidence at the end of the initial policy term. Family Income Benefit Provides a sum assured payable in instalments which can be useful in protecting the payment of school fees for example. You can include a variety of options in a life insurance policy such as the option to have the cover increasing over the term of the policy to provide protection from inflation. Making a life insurance policy subject to a Trust arrangement can mean the benefits can be paid more quickly in the event of a claim and should stay out of your estate for Inheritance Tax purposes. The Financial Services Authority does not regulate Trust advice and School Fees Planning.
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