Standard Life offers a comprehensive range of life insurance products to suit a variety of budgets and requirements. The standard insurance product available from Standard Life is their level protection plan. This product pays out a lump-sum if you die or a diagnosed with a critical illness during the predetermined term. The term you select is able to be between 5 and 35 years, and is generally chosen to coincide with major life events, such as retirement, when your salary will no longer be relied on, or when any dependent children have left home. The amount paid out on the Standard Life level protection plan is guaranteed throughout the term, as long as your premiums are maintained.
The alternative to the Standard Life level protection plan is their Mortgage protection plan. This product carries a value consistent with the amount owing on your mortgage throughout the term; that is, it decreases as your outstanding mortgage is reduced over the years. As a result, should you die during the loan term, your dependents will not be responsible for maintaining mortgage repayments as these funds are specifically earmarked to pay off the mortgage in full at the time of your death.
Critical illness protection can be added to both of these plans as an optional extra, in which case payouts are made upon the diagnosis of a predetermined illness within the life insurance term. However, neither of the Standard Life protection products carry a cash-in value, so if you are seeking life insurance products that double as investment and/or savings vehicles, complete the form on this page to compare whole life and endowment policies. Totally Money will put you in touch with an independent financial advisor for expert advice regarding the best life insurance options for your requirements.