Is there any investment value in your policy?

No. Once the policy has come to the end of its term the policy simply ends. It’s a bit like house insurance!

STEP 1 of 2
Type of cover
Life Insurance       Mortgage Life Insurance
 
Cover Level (£)

Number of years
Do you want:  
Critical illness cover
Family income benefit
 

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How much should you insure for?
The rate you pay is charged per £100 of income you need. So, you should insure for the next £100 above the cost of your monthly mortgage repayment.
How long should I insure for?
It makes sense to keep the insurance in place for as long as you have a mortgage.
You have an Interest Only Mortgage. What sort of Life Insurance do you need?
You need normal, level cover, Life Insurance.
Should I include Terminal Illness Insurance?
Terminal Illness Insurance is generally included at no extra cost on all Mortgage Life, Life and Critical Illness policies.
Will your mortgage lender accept a Life Insurance policy bought online?
All your mortgage lender will want is evidence that your life is insured for the correct sum and term. A copy of your Acceptance letter will normally suffice but some lenders may want to see a copy of your policy.
It is important to realise that Life Insurance policies never have an investment value. If you survive to the end of the policy’s term, the policy is expired and there is no payout and no value left in the policy. A Life Insurance policy only has a value if there is a claim.

If you want your policy to have an end value, you need a Life Assurance policy. Life assurance is different to Life Insurance. A Life Assurance policy combines a guaranteed sum insured with a form of investment. The longer you pay the premiums the more, all being well, your policy will be worth. However, the monthly premiums may be quite steep.

 

A Frequently Asked Question related to the above topic.
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