Norwich union life insurance products can be tailored to specifically meet the needs of your outstanding mortgage with their mortgage protector option, or to provide more general financial security for your dependents with their life cover option. Norwich Union also offers an accidental death benefit scheme that guarantees a lump-sum payout on your accidental death during the policy term at much lower premiums than traditional term policies.
The right life insurance option for your circumstances will depend on your family’s needs; most mortgage providers recommend having life insurance that will be sufficient to cover your outstanding mortgage. If you have a dependent spouse and children it makes sense to select a life insurance term that will cover your income until retirement, or until your children have become financially independent, in order to replace the whole or part of your salary in the event of your death or diagnosis with a terminal illness.
Norwich Union life insurance policies do not carry a cash-in value. At the end of the term, if you have not had to make a claim on your policy due to death or terminal illness, the policy is void and worthless. If you would like to consider your investment options with life insurance, complete the form on this page. Totally Money will put you in contact with a personal finance expert to discuss your options regarding policies that serve as savings vehicles, providing cash value at the completion of the insurance term.