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Family at a Beach

LIFE AND WHOLE OF LIFE INSURANCE

WHAT IS LIFE INSURANCE?

This is an Insurance policy that pays out a cash lump sum if you were to pass away or be diagnosed with a terminal illness (provided life expectancy is less than 12 months) usually designed to cover the mortgage amount over the mortgage term or term set on application.

WHAT IS WHOLE OF LIFE INSURANCE?

Whole of Life Insurance is a life insurance policy that guarantees your family get a payout when you die. It's cover for your peace of mind that your loved ones will have financial security no matter what.

Unlike normal Life Insurance, which has a policy end date, Whole of Life Insurance only ends when you die. This is why the payout is guaranteed. This is also known as Life Assurance.

WHY WOULD I NEED THIS?

Life Insurance almost comes hand in hand with a mortgage. Having this type of cover is always assessed on an individual basis but you never know what life might throw at you and if the worst were to happen, we always recommend a policy that can clear the biggest debt you and your family have.


Lets face it, this type of insurance isn't for you, its for your loved ones. You wouldn't want to leave them with the burden of repaying a mortgage at a time that will already be so difficult for them.

Do you want to take out a policy that gives your loved ones the peace of mind they can stay in their home without worry?

DIFFERENT TYPES OF COVER

Decreasing Term

This is when your sum insured reduces over the policy term designed around your mortgage amount so you can ensure your biggest debt is always covered. The amount it reduces by is normally slightly less than what your mortgage decreases by therefore making certain you are covered at all times. 

Level Term

This is when the sum insured stays the same and wont reduce over the policy term. This could allow a surplus of funds for your family and estate for potentially other debts separate to the mortgage.

As with all insurance policies, conditions and exclusions will apply.

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