Life Insurance

 Term life insurance is the most basic type of life cover and provides a set amount of cover for a specified period of time. It pays out if you die during the term, but there is no payout if you survive until the end date. 

A decreasing term life insurance policy is similar to term life insurance but the amount of cover decreases over time. This type of policy is usually taken out alongside a repayment mortgage and is used to cover the balance of the mortgage in case one partner dies during the term.

 Joint life insurance covers two people, usually a couple. Depending on whether the policy is ‘first death’ or ‘second death’, it will pay out upon the first or second person's death. 

 Over-50s life cover is designed to provide financial security for those aged 50 or over who may find it difficult to get cover elsewhere. 

 Whole life insurance provides lifelong coverage with guaranteed payouts upon death. This type of policy usually costs more than other policies because it has an investment element built in. 

 Relevant Life Insurance is a life insurance policy that is specifically designed to provide financial protection for individual employees in the event of their death.