This is a general overview of the types of cover available, please read the insurance company's product
key features for the specific cover and terms and conditions that apply.
What is Decreasing Mortgage Life Insurance? |
A decreasing mortgage life insurance policy is used to help pay off the outstanding balance of your mortgage with a cash sum if you should die before your mortgage is repaid.
Over time, the level of cover provided by the policy falls to reflect your reducing mortgage loan, so you are paying only for the cover you need. |
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Can the life assurance plan be taken out on a joint life basis? |
You can take out the life assurance plan on your own or with someone else. The cash sum is normally payable on the first claim only. |
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Do you give any financial advice? |
No, we arrange life insurance on a non advised basis this means no advice is given or implied, some documentation from the insurers may include wording stating theidol.com is your financial advisor, this is a general term used by the insurers, our terms set out in our initial disclosure documentation confirm life insurance is arranged on a non advised basis only. |
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What is the difference between whole life assurance and life term insurance? |
Generally whole life assurance is regarded as cover for the entire life of an individual, paying out ultimately upon death; whereas life term insurance is life cover for a specific fixed term i.e. life insurance to cover the period of a mortgage. |
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Do I get any money back if I don't die before the end of my plan? |
No. All policies compared provide pure insurance only, there is no cash-in value at any time and there is no savings content. |
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What other benefits can I choose in addition to the life insurance? |
Critical Illness Cover -
Critical Illness Cover option pays out a cash lump sum if you are diagnosed with a specific critical illness - this is normally payable if you survive for a period of more than 28 days after being diagnosed. The lump sum could pay for things like nursing care, home-help, adapting your house to accommodate a disability; it could pay off your mortgage or give you a holiday to recover from treatment.
Premium Payment Protection Cover -
If you choose this option the premiums can be waived during a period of incapacity exceeding the deferred period. Incapacity means that you are unable to continue working or fail certain Activities of Daily Living through illness or disability. For further information on Premium payment protection please read the policy key features available in our life insurance document library.
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What is Life Level Term Insurance? |
It's a Life Insurance policy that pays out a guaranteed cash sum if you die during the term of the policy or are diagnosed as suffering from a terminal illness. |
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What is a Commission Sacrifice? |
theidol.com are paid commission for arranging a policy, theidol.com choose only to take a proportion of the commission and the remainder of the commission is retained by the insurance company and used to give a reduction in the monthly / annual premium which is spread over the term of the policy. |
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Life Insurance
Information from
theidol.com
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