Life insurance (also known as life assurance or life cover) is a financial product that lets you leave money for your family or beneficiaries when you die. The money left to your family can be used to support them through lost income over a period of time or to pay off a lump sum of debt, such as a mortgage for example. There are also different type of life insurance policy, some offering the option to include additional cover such as critical illness protection.
Mortgage Solutions NI has been trading since 2005 and currently have over 70 advisers across Northern Ireland. We protected over 2,300 customers in 2019 with the right level of insurance to give them and their family peace of mind for the future.
We can help with a wide range of Life Insurance policies:
Different Types Of Life Insurance:
Term Life Insurance
The most common form of Life Insurance is called ‘Term Life Insurance’, this is when you choose an amount that you want to be insured for and how long (the period) you want the cover to last. Then, if you die within the period of the cover, the policy pays out tax-free, to the beneficiaries you specified when you set the policy up.
This type of life insurance policy lasts until you die and therefore have to pay out to your family and/or beneficiaries. Because of this fact, these types of policy are more expensive than term life insurance policies which only payout if you die within the period of cover.
Family Income Benefit Policies
As opposed to paying out a lump sum of money to your family if you die within the insurance period, family income benefit policies are a form of decreasing term policy that pays out a regular monthly income.