Types of cover
LifeCube works with expert life insurance brokers who can offer all types of life cover. When you submit your details, you will be able to discuss your options in detail when you receive your call back.
At the application stage the two types of cover we ask you to choose between during your application are ‘level’ or ‘decreasing’. The two types of cover are explained below:
Level
A fixed lump sum for your loved ones
This means ‘Level Term Insurance’ which is a life insurance plan that pays out a lump sum in the event of death during a specified term.
The level of cover remains the same throughout the plan term, as do the monthly premiums you pay.
Decreasing
Designed to protect mortgages
This means ‘Decreasing Life Insurance’ – as it is generally used for the purpose of insuring mortgage loans, it also sometimes known as Mortgage Life Insurance.
Decreasing life Insurance is designed to protect a repayment mortgage and the cash lump sum payable is designed to pay off the outstanding balance.
You choose the amount of cover you need and the length of the plan. The premiums you pay remain the same throughout the plan term, however the cash lump sum payable decreases to reflect your decreasing mortgage loan.
nb: You will be able to discuss different types of cover in detail when you receive your call back once your Lifecube quote application has been received – you are not tied to a quote for either type of cover at this stage when you submit through our form.
