Life Insurance is a cash lump sum which will be provided to your family if you die during the policy term.
Your family can then use this lump sum for any purpose. Whether it’s help towards paying household bills, childcare, or repaying the mortgage, this could provide peace of mind for you and them.
It pays out a lump sum if, during the policy terzm, you die or are diagnosed with a terminal illness.
There are two types of life insurance:
- Level term means the amount paid out is fixed over the lifetime of the policy, so the purchasing power will be reduced by the effect of inflation.
- Decreasing term decreases the amount paid out over the lifetime of the policy broadly in line with mortgage or loan repayments.
You can cancel your policy at any time, but you won’t get any money back.
Mortgage Services Cookstown will work closely with you to establish a clear understanding of your needs. This gives us more clarity and will allow us to offer you accurate information and various options. Based on our research you can make an informed choice.