Life insurance comes in two forms investment and non investment related. An example of non investment life insurance would be Term assurance, which is primarily used to provide protection over a set period or term.Term Assurance can be used to provide cost effective life cover,protecting you and your family for a specified term e.g. until children are non dependent.It can provide a lump sum on death or even an income over a set period.
Another popular type of term assurance is Mortgage Protection assurance, which can be Decreasing Term assurance or Level term assurance depending on the type of mortgage. For instance a repayment mortgage would usually be protected by Decreasing Life assurance; a Level Term policy would normally cover an interest only mortgage or perhaps to provide cost effective life cover over a specified term.
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Investment related life cover tends to be used in Whole of Life cover, though not in all cases as some Whole of Life policies have no investment content at all.
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