Skip to main content
Glossary

Protection & Insurance

Life Insurance

Life insurance pays a lump sum (or regular income) to your beneficiaries if you die during the policy term.. It is commonly used to clear an outstanding mortgage balance or provide financial security for dependants. The two main types are level term (lump sum stays the same) and decreasing term (lump sum reduces broadly in line with a repayment mortgage)

Whole of life policies cover you for your entire life, not a fixed term.

Useful pages

Want to talk through what this means for you?

Our advisers can explain any of these terms in the context of your specific situation and help you work out your next step.