Matters of life and death

Article Abstract:

The two main types of life insurance are term insurance and whole of life. Term insurance is life cover for a specific period of time, with high levels being available relatively inexpensively for a set number of years. Whole of life cover pays out on the policyholder's death at any age. Life insurance is mainly linked with protecting the policyholder's family, but with profits policies are also a low risk investment. A pay-out from a life policy is tax-free, as long as the policy can be held for at least 10 years and is actually held for at least three quarters of this period.

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How to cover all possible get-out clauses

Article Abstract:

It is important to be aware when purchasing life insurance that some policies may not necessarily provide enough money to pay off a mortgage if the insured person dies. This may not be made clear by the person selling the policy. If a dispute with the insurance company arises, it may be necessary to refer the case to the Personal Investment Authority Ombudsman. This body will investigate all the evidence, including whether the salesperson undertook a full fact find.

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