Legal & General Life Insurance

You pay a fixed amount each month, and your cover amount stays the same for the whole policy term. If you pass away during this time, your loved ones receive an agreed cash lump sum. This can help with expenses like:

• Mortgage/rent
• Living costs and bills
• Funeral costs

Increasing life insurance helps your cover keep up with rising living costs. The cover amount increases each year, to tackle the effects of inflation, so your payout and premiums keep pace with the cost of living. This way, the value of your policy stays in step with price rises, so your loved ones are better protected against the effects of inflation. If you prefer, you can usually switch to level cover at any time.  

Decreasing life insurance is for people with a repayment mortgage, which is why it’s often called mortgage cover. The cover amount goes down over time, roughly matching your mortgage balance, but your monthly payments stay the same. If you die during the policy term, your family receives a cash lump sum to help pay off the mortgage or other similar debts. Just keep in mind, if your mortgage rate goes up and outpaces your policy’s rate, your cover might not fully match your outstanding mortgage, so it’s a good idea to check that your cover amount and term are right for your needs.

Over 50s life insurance is for people aged 50 and above, with guaranteed acceptance—no medical questions or exams needed. This policy is a type of whole of life cover, which means you’re covered for the rest of your life and your loved ones are guaranteed a payout whenever you pass away (sometimes called “life assurance”). There’s usually a waiting period, also known as a moratorium period (often 1 to 2 years), before full cover takes effect. The payout can help with things like funeral costs or other expenses. 

Critical illness is both a standalone policy and can be taken out alongside life insurance. It covers you should you become critically ill (Critical Illness Glossary) during the policy term and, the illnesses covered will vary by insurer. The pay-out can be used to cover medical treatment expenses, bills, childcare and anything else you may need. Aviva’s Critical illness cover also covers your children should they become critically ill.  

Health insurance is taken out in advance of having to pay for private healthcare for any short-term illnesses and ailments that might arise. In this scenario, you choose the healthcare benefits you need and pay a monthly premium. However, life insurance is often taken out alongside this.