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Types of cover

Is Life Cover known under different names?

Because Life Assurance is such a varied and flexible product, it can come under a number of different names. Each generally describes the covers aims however some are simply interchangable with Life Assurance:

Life Insurance
A general term used to mean the same as Life Assurance. The difference is that in the insurance world they insure against something which might happen but they assure against some they know definitely will happen at some stage, i.e., death.

Level term life insurance

Represents standard life cover (also commonly used for family protection purposes) where the amount insured under the plan remains at the same 'level' over the term of the policy. This type of cover is usually taken out to protect an interest only mortgage where the amount of debt remains constant over time (as only interest is being repaid).

Decreasing term life insurance

Is often referred to as mortgage life insurance as the purpose of this plan is usually to protect a mortgage loan. Decreasing term insurance is commonly used to protect a capital/principal repayment loan as the amount of cover decreases over time so as to stay in line with the declining amount of mortgage debt outstanding over time.

Increasing Life Assurance / Increasing Life Insurance
Increasing Life Assurance is an extra option offered by most insurance companies which allows you to protect your Term Life Assurance policy from the effects of inflation. Each year you will be offered the opportunity to increase your amount of cover inline with the retail price index without any further need for medical information.

This allows your policy to retain its real value over the years so your family receive a payout of equivalent value in years to come.

Index Linked Life Assurance / Index Linked Life Insurance
Another term used to refer to the increasing life assurance option offered on term life assurance policies.

Critical Illness Cover

Critical illness cover is an important financial safety net. It's designed to to pay out a fixed cash amount if you're diagnosed with one of the critical illnesses covered in the individual insurer's policy.

Critical Illness Cover is designed to pay out in most circumstances including cancer, heart attack and stroke. However because of advances in medicine, not every type of cancer will have a severe impact on your lifestyle if discovered and treated early enough, for example, a cancer needs to have spread or reached a specified severity to be covered. 

What isn't covered on CIC policy is dependent on the particular policy wording, it is important you seek advice.