Level Term Assurance:

  • Level Term Life Assurance means that the amount covered remains the same throughout the term of the policy and does not reduce.

  • Typically this type of Life Assurance is suitable to be running along with interest only mortgages.

  • This policy looks to pay out a lump sum or an income if the person insured was to unfortunately pass away.

  • This policy would pay out if the policy holder was to die within the term of the policy. If the policy holder were to live longer than the term put in place, you will not be paid out. Subject to all required payment being made, terms and Conditions apply.

Decreasing Term Assurance:

  • Decreasing Life Assurance also known as Mortgage Life Assurance.

  • This decreasing life policy option is used with repayment mortgages, as the policy taken out is designed to reduce as your mortgage reduces through repayments.

  • The aim of this policy is that the amount covered reduces over time.

  • This policy only pays out if you die within the term you’ve agreed when taking the policy on. It is common that couples take the policy out in both names, with the policy to be paid out on the first death only during the term, this allows that the remaining partner and family to be covered. Subject to all required payment being made, terms and Conditions apply.

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.

  • In simple terms - Increasing term life insurance is the exact opposite of decreasing term life insurance, in the sense that the sum insured increases over the life of the policy.

  • The premium may or may not remain the same, but the cover is always based on the health of the insured at the time the policy was originally taken out. Subject to all required payment being made, terms and Conditions apply.


Critical Illness Cover:

  • Critical illness cover policy could pay out a fixed cash amount if a critical illness was to occur within the term of the policy.

  • Critical illness policies usually only pay out once, so are not a replacement for income. You could use the pay out to pay for medical treatment, pay off your mortgage.

  • Critical illness cover could pay out a cash sum if you get one of the specified critical illnesses listed in the cover during the length of your policy.

  • Critical Illness Cover can be added for an extra cost when you take out either life insurance or mortgage life insurance. Subject to all required payment being made, terms and Conditions apply.

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Kaan Emin Ozkaptan T/AS Apply Mortgages is an Appointed Representative of Julian Harris Mortgages Ltd, authorised and regulated by the Financial Conduct Authority No. 304155. There may be a fee for mortgage processing, the precise amount will depend on your circumstances but we estimate it will be £399. Your home(property) may be repossessed if you do not keep up repayments on your mortgage. Please note Buy to Let mortgages are not regulated by the FCA.

The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk.