What period of time should I insure my life for?

How long you take your mortgage out for depends on your financial responsibilities. For example, if you have a mortgage then you would need to be covered for the same amount of time as the time remaining on your mortgage. If you have an interest only mortgage, then you need level term life insurance for the same amount as the mortgage capital. If you have a repayment mortgage, can choose mortgage life insurance which decreases in value in line with your mortgage.

If you do not have a mortgage, then it is up to you how long you want to insure for. Most people take out policies over 10 to 25 years.

All proceeds from insurance policies are tax-free.

IMPORTANT:

If you want insurance that will meet your monthly mortgage payments if you are unable to work because of sickness, accident or unemployment, then choose Mortgage Payment Protection Insurance.

If you want to receive a payout if you fall seriously ill, choose Critical Illness Insurance.