Single Life Insurance Policy

The main thing about a Single Life Insurance policy is very simple – if you were to suddenly die, your loved ones would get a lump sum of money that would help them financially. It helps you feel good that the family will be taken care of if something were to happen to you and depending on the amount they would need, you can take a cover for a specified amount.

A life insurance policy is taken for a particular period of time called a term. Most people would take it for a period after which they feel the family can support itself and would not depend on the amount that the insurance policy would pay out.

If a person survives the term of his life insurance policy, he would get nothing. An insurance policy is not an investment – it is protection in case something were to happen. If death does not happen during that term, the policy lapses and you get nothing back. Certain policies allow you to draw money from this policy if you are diagnosed with a terminal illness. However, terms vary from policy to policy and you need to compare them to decide what suits you best and what you are looking for.

Types of life insurance

  • Single life insurance

    Life insurance to cover the life of one person. But what else is there to know?

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  • Joint life insurance

    A joint life insurance policy to cover two people (cohabiting, in a relationship etc).

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  • Level term life insurance

    A life insurance policy that pays out the same throughout the policy term.

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  • Decreasing term life insurance

    This cover decreases throughout the life of the policy, usually in line with a mortgage.

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  • Critical illness cover

    You don't just have to get cover for your life - consider what would happen if you were to become seriously ill.

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  • Life insurance with critical illness cover

    A combined insurance policy that pays out upon death or if you become very ill.

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  • Mortgage protection cover

    Not to be confused with mortgage PPI, this life insurance would help to pay a mortgage off.

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  • Mortgage protection cover with critical illness cover

    Similar to mortgage protection life insurance but also pays out if you develop a critical illness.

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  • Family income benefit cover

    Instead of a lump sum this would pay a fixed monthly amount to your family if you pass away.

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  • Convertible term life insurance

    A flexible type of life insurance; you can switch it to a different life insurance variation later in the term.

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  • Guaranteed life insurance

    No medical required and this type of policy is available to anyone and everyone, regardless of circumstances.

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  • Reviewable life insurance

    Every few years this policy can be "reviewed" to see if the level of cover that you have chosen is still appropriate.

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Still need to learn more about Life Insurance?

You don't know how lucky you are. No, really. Why? Well, because we've put together the official ChooseMonkey Guide to Life Insurance just for you!

(Ok, so maybe a few other people are going to read it too. But remember, you're special)

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