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One of the simpler types of insurance to understand, you pay a premium which is guaranteed or reviewable for the term of the cover, if during this term which is chosen by you when arranging the policy you should die or contract a critical illness if you have chosen this option your family or dependents will receive a lump sum tax free payment which again is chosen by you at the outset, the benefit payable as the name suggests remains level throughout the term, if you intend the life insurance to cover many years you should consider the effects inflation has on your benefit and therefore consider index linking your benefit so that the spending power of any potential benefit will remain constant.
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