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Life insurance guide

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Life insurance isn't just something for the old and wealthy. In fact, anyone with a mortgage and dependents should also take out life insurance. When you die, the mortgage and other bills don't simply die with you; your family is left to pick up the pieces and deal with funeral costs and life without you around. Leaving your family with money to pay the mortgage, the household bills and manage life once you have gone is your responsibility so it makes sense to take out some kind of life insurance policy.

There are many types of life insurance. Each type varies in costs, level of cover and the amount of time for which they are valid. Here is a quick run down on the main types of life insurance.

Level term cover

This is when the sum assured remains exactly the same throughout the agreed time period. Your benefactors will receive payment if you die during the policy's term, usually in one lump sum.

Decreasing term cover

As the name suggests, the sum assured decreases throughout the term often in line with a particular payment or loan. The most common usage for this type of cover is mortgage payment protection. As your mortgage decreases over time, so does the amount you have assured as life insurance. It is used to cover mortgage repayments if you die during the mortgage's term.

Increasing term cover

Increasing cover is the opposite. The sum assured rises each year at a pre-agreed rate throughout the term of the insurance policy. This type of insurance is designed to beat inflation, which as it rises year by year, decrease the real value of savings. Seeing as the amount insured increases this will mediate the costs of inflation.

Over the years the costs of life insurance have been coming down, making it a more practical option for many more people. However, you can also help to reduce costs further by leading a health lifestyle. Of course some diseases, such as cancer, strike down even the world's healthiest people, but others such as some forms of diabetes and heart diseases, tend to affect people that are overweight, inactive and have poor diets. You'll get a lower life insurance quote if you have a healthy BMI, take regular exercise and eat well. You will also be a healthier person.

If you are interested in taking out life insurance to provide a safety net for your family when you die, have a look at the range of life insurance policies from Santander.



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