Scottish Widows Life Insurance

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.

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.