In the UK, there are different types of life insurance, in this article we will be looking at some of them and also explain what they mean and how you can leverage the varieties of the insurance plans.
1- Critical illness insurance: This type of insurance provides a lump sum payout if the policyholder is diagnosed with a serious illness, such as cancer or a heart attack. Critical illness insurance can be purchased as a standalone policy or as an add-on to a life insurance policy.
2- Family income benefit insurance: This type of life insurance pays out a regular income to the beneficiary if the policyholder dies. The income is paid until the end of the policy term, which is usually set at a certain number of years. Family income benefit insurance is designed to provide financial support to a family after the loss of a breadwinner.
3- Endowment insurance: This type of life insurance combines life coverage with a savings element. The policyholder pays premiums for a set period of time, and if they survive the term of the policy, they receive a lump sum payout. Endowment insurance is often used as a way to save for a specific goal, such as paying for a child's education or retiring.
1- Critical illness insurance: This type of insurance provides a lump sum payout if the policyholder is diagnosed with a serious illness, such as cancer or a heart attack. Critical illness insurance can be purchased as a standalone policy or as an add-on to a life insurance policy.
2- Family income benefit insurance: This type of life insurance pays out a regular income to the beneficiary if the policyholder dies. The income is paid until the end of the policy term, which is usually set at a certain number of years. Family income benefit insurance is designed to provide financial support to a family after the loss of a breadwinner.
3- Endowment insurance: This type of life insurance combines life coverage with a savings element. The policyholder pays premiums for a set period of time, and if they survive the term of the policy, they receive a lump sum payout. Endowment insurance is often used as a way to save for a specific goal, such as paying for a child's education or retiring.
