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Looking for a way to protect the future of your health but not sure where to start? Finding the right life insurance can be a challenge, however, you can’t put a price on your health. Understanding which life insurance suits you best, what factors will affect your life insurance cover, policy prices and how you can benefit from it is the key to securing the life insurance policy that suits your lifestyle and puts your mind at ease.

Which policy is for me?

Knowing where to start when it comes to understanding which life insurance policy will suit you can be difficult, especially with three different policy types available. Life insurance is designed to give you real peace of mind, so you’re not left worrying about the safety of your family’s future. Having the right policy can make everyday life stress-free, ensuring you sleep a little easier at night knowing that your family is safe, however, many individuals find the task of picking and purchasing the right policy somewhat difficult. With the right guidance and a little understanding of knowing what you need, finding the right life insurance policy can come with ease. The three life insurance policy contenders are; Level Term Insurance, Increasing Term Insurance and Decreasing Term insurance.

What’s the difference?

Level Term Insurance

Level Term Insurance is the most popular type of life insurance in the market. Level Term Insurance is the ideal option if you are looking for a set amount of cover for a certain period. If you pass away during the set term of the Level Term policy, the insurer will pay out a lump sum as agreed at the commencement of the policy to your family.

Increasing Term Insurance

Another popular life insurance policy currently on the market is Increasing Term Insurance. Increasing Term life insurance is an insurance policy that increases the death benefit each year during the term; as the death benefit increases, so does the premium, a good option if you’re looking to help maintain your loved ones’ living standards, pay your children’s school or University fees, or continue to make mortgage payments. This is generally know n as indexation and usually linked to the Retail Price Index (RPI).

Decreasing Term Insurance

Lastly is Decreasing Term Insurance or as it is sometimes referred to, Mortgage Protection.  In the event of you passing away, this policy tracks your mortgage making sure that the insurer will pay out the calculated amount to enable the balance of your mortgage to be paid off. 

What affects the price?

The cost of a life insurance policy will vary depending on a variety of different factors. These can include things such as your age, health, occupation, whether you smoke, the length of the term and whether you choose any add-ons such as critical illness cover. The type of cover you choose to opt for can also affect the cost of your policy. For example, because the pay-out amount for decreasing term life insurance policies will be less than a level term policy pay-out if you pass away towards the end of the term, decreasing life insurance can sometimes be a cheaper option than level term. It’s important to note that the actual cost of life insurance for you as an individual will depend on the sum insured and your individual factors such as health, lifestyle, age and family history.

How can Protectus help?

Life insurance is hugely important if you have dependents or individuals who rely on you; simply put, its purpose is to provide money if you die during the term of your policy. Life insurance can be critically important; however many people aren’t sure what to look out for, especially when it comes to affordability and flexibility.

With over 20 years of experience in helping individuals find the life insurance policy that suits them and their families, we’re always on hand to ask the right questions to find you personalised policies that reflect your unique requirements using our knowledge of underwriting and industry trends. When it comes to navigating the market, we take a simple and straight forward approach ensuring you understand every step of the process for peace of mind about your future.

At Protectus Healthcare, we understand the importance of keeping your family safe and sound, that’s why we tailor our insurance guidance to suit the needs of you and your loved ones. Get in touch to see how we can help your family stay secure for the years to come with the perfect life insurance policy.