(Used with an interest only mortgage or for family protection)
Level Term insurance
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Life insurance remains level for the term (Used with an interest only mortgage or for family protection)
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| In the above
example, the borrower took out a mortgage for £75000, on an
interest only basis to be repaid in 25years, and had a savings plan, or
other investment to repay the debt. A level term insurance for the same amount and term would pay out on premature death, which means the mortgage would be paid off and his or her family would retain the house, mortgage free. The same policy type can always be used as general family protection and financial security. |