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Standard Life Insurance Review

Standard Life, one of the most recognised and respected name in the UK, offer life insurance to pay out a lump sum should you die during the term of the policy. Whether you want to provide financial assistance to your loved ones, or pay off your mortgage, Standard Life offer a range of life insurance products.

Level cover life insurance from Standard Life offers a lump sum cash payout should you die during the policy term. This will protect your family and ensure they have enough money to live on if you die. If you are diagnosed with a critical illness, you may be able to ask Standard Life for a reduced payout to help you out before you die. The money can be used to pay off your mortgage or other loans you may have, or just provide some cash to ease the burden on your family.

Decreasing level life cover from Standard Life is designed to pay off your repayment mortgage if you die during the term of the cover. Although there is no guarantee your mortgage would be paid off in full, the policy is designed to reduce payouts over its term based on the reducing balance of your mortgage.

Remember that life insurance policies have no cash-in value at any time. Unless you die, or are diagnosed with a critical illness, there will be no payout or redemption value.
Consider, too, that the sum paid out from a level cover plan is fixed – over time the effects of inflation may reduce the real value of this sum.
With Standard Life, if you’re diagnosed with a terminal illness in the last 12 months of your plan, they will not pay out on a terminal illness claim.
You should keep up payments on your premiums – if you don’t pay for 60 days, your cover will cease and there will be no payout.
This insurance product available through Standard Life Direct is provided by LV=, part of the Liverpool Victoria Group.

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