At its core, a life insurance policy is a straightforward contract between you and an insurer. The deal is simple: your regular payments guarantee that a large sum of money—known as the 'payout' or 'sum assured'—goes to your family or chosen loved ones after your death. Think of it as a financial safety net that you put in place for the people you care about most.
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Level term life insurance is designed to give your loved ones a fixed, tax-free cash payout if you pass away during the policy's lifespan. The magic is in its consistency: the amount of cover and your monthly payments are set in stone from the very beginning. This offers unwavering, predictable financial protection when your family would need it most.
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When you take out a big loan, like a mortgage for your home, you want to make sure your family won’t be stuck with the debt if something happens to you. That’s exactly where decreasing term life insurance comes in. Often called mortgage life insurance, the goal is simple: if you were to pass away during the policy term, the payout should be enough to clear the remaining mortgage.
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Think of whole of life insurance as a financial promise to your family that never expires. It's a bit like a locked savings box; you pop a small, manageable amount in each month, and your family gets the key to the full amount right when they need it the most. It guarantees a fixed, tax-free payout to your loved ones whenever you pass away.
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Mortgage life insurance, most commonly known as decreasing term insurance is a specific type of cover designed to do one job really well: pay off your outstanding mortgage if you pass away before it's cleared. It’s essentially a financial safety net for your family, ensuring the biggest debt you have is taken care of. The whole point is to give your loved ones the peace of mind that they can keep their home.
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Critical illness cover is a specific type of insurance policy. It pays you a one-off, tax-free lump sum if you’re diagnosed with a serious medical condition that’s listed in your policy documents. Think of it as a financial safety net, designed to catch you and your family if your health takes an unexpected turn. It’s there to protect your finances during a crisis, giving you the breathing room to focus on getting better.
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