Life insurance is a protection with a defined structure so if something like a terminal illness is diagnosed or we pass away an agreed amount of monies would be paid to the family. 

Life insurance can have a “term” or duration but it can also be whole of life clearly there are different charges for either option.

If we look in more detail the protections monthly charge is a defined monthly or annual amount the cheapest option “initially” is age costed . This means we pay £x per month for the protection. Then each year the protection would get slightly more each anniversary. Great initially!?

Whilst a “guaranteed” premium initially more expensive but will always stay the same ideal for the life insurance over longer duration or whole of life.  

To make this even more interesting there are reviewable protections to! This means if the Life insurance company feels they have had a lot of claims they can review the protection and increase where THEY feel applicable.

Clearly evaluating the structure versus our needs will same time, stress & money in the life insurance or critical illness protection(s) over the longer durations. Also stopping the need to re-apply where they will factor our age and lifestyle at the point (usually this costs us more as we are older!)

As we have said before the advice Golden Rock Solutions gives is free and independent. Yes we can confidentially discuss what you are looking for an align the correct provider so the application process, added features & Benefits, illnesses covered?, how a terminal illness claim is paid within the protection are the best fit for the family or business