Sometimes, the terms life insurance and life assurance are used interchangeably but it is important to realise that they are very different products.

Life Insurance is sold for a fixed term, very much like insuring any other risk, such as your home or car. Should you die during the term of the policy, then the policy will pay out. In short, there could be a claim.

Life Assurance is sometimes referred to as ‘whole life’ and it is usually taken out for the whole period of your life. Not a fixed term. However, some policies allow those that reach an old age (perhaps 85 years) to stop payment and still be entitled to a pay out when they die. In short, there will be a claim.

Life Assurance policies are often used as collateral for mortgages and loans. Life insurance will almost certainly be required (or advisable) when you have dependents and a large debt liability or other expenses that need to be met.

Our trained advisors are available to talk through the options explaining the cover, benefits and of course the costs.

To speak to our mortgage protection team contact us on 01628 507477.