Term Insurance Cover through cherryFind
What is it and how would I benefit by having it?
While the only insurance that is legally required for a mortgage in the UK is Buildings Insurance – it does make sense to take out cover to protect your family against the unexpected.
The most basic type of life cover is Term Insurance. It is a fixed term arrangement and can be written on a single or joint life basis. A joint life policy means the policy pays out on the death of either of the insured individuals for the amount (sum assured) and within the term of the policy as long as premiums have been kept up to date.
Term Insurance can be one of the the cheapest ways to insure your life. Some term insurance providers offer additional options, for example critical illness cover (CIC). Where available and if you do decide to add on critical illness cover, the plan will pay out once on diagnosis of a qualifying critical illness or if you die during policy term – whichever is the earliest to happen.
This type of plan is designed for those who want to secure the family home or leave a lump sum in the event of death or diagnosis of a critical illness within a defined time period while keeping costs to a minimum. Term insurance can protect your family from the financial consequences following an untimely death or diagnosis of a critical illness and is of prime importance for those who have young children or dependents.
It can be used to cover loans, mortgages or provide a lump sum to help ensure your family is financially secure after the main breadwinner has passed away. Professional financial advisers can help you find the plan that best meets your requirements. Use our free search facility to find a financial adviser near you.
Use our free search function to find a financial adviser near you.
Information provided accurate at time of publishing. We aim to keep all information up to date but please ensure your own checks are carried out as, in reading this document, you accept that no liability rests with cherry relating to losses made as a result of information provided.