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There are a variety of products that can be used to pay off your mortgage in the unfortunate event of your death. All will involve some degree of medical screening questions which will influence the premium payable.
- Life insurance - This is a fixed term policy that will pay out in the event that you die during the insured period. You will only pay the premiums for the period of insurance that you buy. It is often referred to as term insurance and can be level or decreasing. Some policies will pay out before death if you are diagnosed with a terminal illness. It is usually the cheapest form of life cover available.
- Life assurance - This policy is not fixed term and will cover you until you die, at which point it will pay out. There are many variants and it is more expensive than life insurance. Some policies require you to pay premiums until you die, whilst others allow you to stop paying but maintain cover once you reach a certain age.
For more information and to discuss your requirements, get in touch with us.