Decreasing Term Assurance
Decreasing Term Assurance is most commonly recommended to protect a repayment mortgage, as the amount of cover decreases in line with the reduction of the mortgage balance over time – therefore if a successful claim is made, the mortgage will be repaid in its entirety.
This type of policy can also be arranged to include Critical Illness Cover
Level Term Assurance
Level Term Assurance products have a fixed sum assured throughout the term of the policy. Taken out to protect a repayment mortgage, the sum assured will pay the mortgage balance and also provide a surplus which could provide funds to use for ongoing costs.
It can also be used as protection for an interest-only mortgage (common in investment property), where the repayment amount does not reduce over time. This type of policy can also be arranged to include Critical Illness Cover
Critical Illness Cover
When considering life insurance, you might only consider what would happen if you or your partner died. But what if you suffered an illness which meant you couldn’t work? Elmham Financial are able to advise you on what is covered and how this insurance can provide peace of mind for you and your family.