Life Assurance

There are two main types of life assurance, whole of life policies and term assurance, both covers require monthly premium payments to be made.

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Whole of life cover tends to be more expensive as it is for life, as long as the payments continue to be made and often is used for funeral expenses or IHT planning, the sum assured will be paid on death.

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Term assurance has cheaper monthly premiums as the cover continues for a chosen length of time, it is often used to cover debts such as a mortgage or other commitments, the sum assured will be paid on death if death occurs during the chosen length of time.