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  • Coast to Coast Financial Services Limited
    42 Cheyne Walk
    Hornsea, East Yorkshire
    HU18 1BX
    Tel: 07836 620 305
    Fax: 01964 537 497
    tony@ctocfinancial.com
    LIFE INSURANCE

    Types of life insurance
    There are different types of Life insurance – the most appropriate type for you will depend on your circumstances. Life Insurance will pay out either a single lump sum (sum insured) or a regular income when you die.

    Term Insurance
    This is the simplest type of Life Insurance. You can choose how long you’re covered for, eg. 20 years (the term), and the policy pays out if you die within the agreed term. You can also take out term cover as a couple, with the policy paying out on the first death only during the term. There are several different types of policy:
    • Level: Cover and premiums remain the same
    • Increasing (or index-linked): Cover and Premiums gradually rise in line with inflation
    • Decreasing: cover and premiums gradually fall. Generally used to protect a repayment mortgage.
    • Renewable: you can extend the original term of the policy
    • Convertible: Lets you convert the policy to Whole of Life insurance

    Family Income Benefit Insurance
    This is essentially the same Term Insurance, but instead of paying a lump sum when you die, it will pay out a regular income instead. This type of payment may be more suitable where the main purpose of the policy is to provide ongoing financial support to dependants.

    Whole of Life insurance
    Whole of life insurance pays a lump sum when you die, whenever that is, as long as you are still paying the premiums.