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Policy Types
Getting Technical
Level Term Life Insurance is designed to provide an amount of lump sum life insurance where the amount that would be paid out on death (or critical illness) stays the same during the policy term.
The premiums are determined at outset and are usually guaranteed for the full term of the policy, provided premiums are paid when due. Reviewable premium plans are available, but are not widely used. The graph below shows how the sum assured remains constant over the policy term.
Level Term Life Insurance has traditionally been used by advisers for family protection needs and/or to cover Interest Only mortgages. In addition Family Income Benefit Life Insurance (described later) is also recommended to meet family protection needs.
NEWS
Life insurance firm sponsors golf star
11 September 2007 15:30:50
Top UK life insurance provider Aegon Scottish Equitable has announced a new sponsorship deal.
The life cover firm is to sponsor young Scottish golfer Lloyd Saltman, a star performer in the amateur world of the sport, reports the FT Adviser.
Saltman came to prominence in 2005 when, as a 19-year-old, he claimed the silver medal for the leading amateur at the Open Championship at St Andrews, with a 15th place finish.
The youngster's success has continued, with victories in the Irish Open and the Scottish Championship of Champions in 2007.
He also represented Great Britain and Ireland in this year's Walker Cup competition.
Otto Thoresen, Aegon Scottish Equitable chief executive, told the FT Adviser that the life insurance company is proud to be associated with this sparkling talent.
"Aegon is committed to developing talent and we are delighted to be supporting Lloyd as he sets out on his career in professional golf," he commented.
"He has achieved a great deal already and we are looking forward to seeing him build his position and go on to further success in the months and years ahead."
The terms of the three-year deal have not been disclosed, although Saltman is to wear the Aegon Scottish Equitable logo on his hat and golf clothing.
Direct Life and Pensions Services Ltd are one of the UK's leading providers of life insurance, term life assurance, mortgage protection, and critical illnesslife insurance policies online.
Fathers need life insurance
18 June 2007 16:28:02
Life insurance is essential for safeguarding your family's future, according to leading insurer Friends Provident.
After Father's Day saw families across the UK celebrating their dads, the provider has stressed the importance of guarding against the impact of a fatherless future.
Mark Jones, protection and actuarial manager at Friends Provident, said that British families save around £12,914 through the odd jobs carried out by patriarchs.
However, a loss of income could jeopardise the family's future.
"A family often see dad as just the breadwinner or walking cash machine, but if dad were unable to work a family would soon realise that money doesn't grow on trees," he said.
However, life insurance could provide a safeguard: "They need to consider what they would do if dad was no longer working and protect themselves from the unexpected."
Mr Smith's comments followed recent findings from Sainsbury's Bank, which revealed that the UK life insurance gap currently stands at £2.3 trillion.
Brits reveal biggest regrets to life cover provider
19 July 2007 12:07:16
A new study by top life insurance firm Norwich Union has shown that 80 per cent of British people have major regrets.
The study found that the most common regret was never having learned to play a musical instrument - 13 per cent of respondents admitted they longed to have to picked up a guitar, or sat down at a piano.
Many respondents also regretted not going to university, or following the wrong career path.
Norwich Union commissioned the survey to stress that you should never regret taking out insurance - recent research revealed that half of the UK adult population have insufficient life cover.
"Although this research is fairly light-hearted, it underlines the fact that most people have at least one thing they regret - from something relatively minor to something potentially life changing," said Paul Stokes, head of marketing and communications at Norwich Union.
"Life insurance can give comfort at what is a very distressing time, so we are keen that it shouldn't be something people regret not taking out."
He added that though many people might only consider life insurance or income protection cover when they started a family, this type of insurance was recommended for all ages.
"It's something which can offer peace of mind to any person, whatever their circumstances."
11 September 2007 15:30:50
Top UK life insurance provider Aegon Scottish Equitable has announced a new sponsorship deal.
The life cover firm is to sponsor young Scottish golfer Lloyd Saltman, a star performer in the amateur world of the sport, reports the FT Adviser.
Saltman came to prominence in 2005 when, as a 19-year-old, he claimed the silver medal for the leading amateur at the Open Championship at St Andrews, with a 15th place finish.
The youngster's success has continued, with victories in the Irish Open and the Scottish Championship of Champions in 2007.
He also represented Great Britain and Ireland in this year's Walker Cup competition.
Otto Thoresen, Aegon Scottish Equitable chief executive, told the FT Adviser that the life insurance company is proud to be associated with this sparkling talent.
"Aegon is committed to developing talent and we are delighted to be supporting Lloyd as he sets out on his career in professional golf," he commented.
"He has achieved a great deal already and we are looking forward to seeing him build his position and go on to further success in the months and years ahead."
The terms of the three-year deal have not been disclosed, although Saltman is to wear the Aegon Scottish Equitable logo on his hat and golf clothing.
Direct Life and Pensions Services Ltd are one of the UK's leading providers of life insurance, term life assurance, mortgage protection, and critical illnesslife insurance policies online.
18 June 2007 16:28:02
Life insurance is essential for safeguarding your family's future, according to leading insurer Friends Provident.
After Father's Day saw families across the UK celebrating their dads, the provider has stressed the importance of guarding against the impact of a fatherless future.
Mark Jones, protection and actuarial manager at Friends Provident, said that British families save around £12,914 through the odd jobs carried out by patriarchs.
However, a loss of income could jeopardise the family's future.
"A family often see dad as just the breadwinner or walking cash machine, but if dad were unable to work a family would soon realise that money doesn't grow on trees," he said.
However, life insurance could provide a safeguard: "They need to consider what they would do if dad was no longer working and protect themselves from the unexpected."
Mr Smith's comments followed recent findings from Sainsbury's Bank, which revealed that the UK life insurance gap currently stands at £2.3 trillion.
19 July 2007 12:07:16
A new study by top life insurance firm Norwich Union has shown that 80 per cent of British people have major regrets.
The study found that the most common regret was never having learned to play a musical instrument - 13 per cent of respondents admitted they longed to have to picked up a guitar, or sat down at a piano.
Many respondents also regretted not going to university, or following the wrong career path.
Norwich Union commissioned the survey to stress that you should never regret taking out insurance - recent research revealed that half of the UK adult population have insufficient life cover.
"Although this research is fairly light-hearted, it underlines the fact that most people have at least one thing they regret - from something relatively minor to something potentially life changing," said Paul Stokes, head of marketing and communications at Norwich Union.
"Life insurance can give comfort at what is a very distressing time, so we are keen that it shouldn't be something people regret not taking out."
He added that though many people might only consider life insurance or income protection cover when they started a family, this type of insurance was recommended for all ages.
"It's something which can offer peace of mind to any person, whatever their circumstances."