Amazingly we all consider that insuring our car, home, house contents, holidays, even our pets is an important aspect of life, however many of us don't consider insuring and protecting our own lives! Consider the financial consequences if you died tomorrow. Who would be left to repay any outstanding liabilities that are presently unprotected and would they be able to afford them?

Life Assurance, otherwise known as either Term Assurance or Term Life Assurance is a simple and inexpensive form of life insurance policy that pays a lump sum on the death of the life assured, which may or may not be the policyholder.

A life assurance quote and policy is normally used for family protection or to provide security against a debt such as your mortgage, so that your family and dependents will not suffer financially should the worst happen.

You will be surprised how easy and cheap it is to organise a life assurance quote and policy and usually it is far cheaper than car and house insurance! To obtain a competitive life assurance quote will not cost you anything, but it could help those that you leave behind if you arrange cover.

A life assurance quote is available on either a single or joint life basis and some plans also have additional benefits such as paying out on a diagnosis of a terminal illness during the term of the assurance policy.

At ISB we offer several different types of life assurance quote such as:

Level Term Life Assurance

Level Term Life Assurance is designed to pay out a sum of money if the life assured should die within a specific term. This type of life assurance policy is usually used in union with an interest only mortgage or to provide family protection. The life assurance quote remains constant throughout the term of the life assurance policy. The sum assured is guaranteed at the outset by the Life Assurance quote and remains unchanged throughout the term.

Decreasing Term Life Assurance

Decreasing Term Life Assurance, which in the case of a mortgage loan can also be known as Mortgage Protection, is used in conjunction with the repayment of a mortgage or with the repayment of a loan. Therefore, the life assurance sum assured reduces in conjunction with the capital balance of your repayment on the loan. The initial level of life assurance should be the same as the repayment on your mortgage or loan and the term of the policy is then consistent with the term of the mortgage or loan payments.

At ISB we can also offer other additional benefits along side your life assurance.

These can include:

• Waiver of the premium if you are unable to work
• Critical Illness option
  This will pay a lump sum on the diagnosis of an illness covered in your policy. These policies differ from private medical insurance plans, which pay for medical treatment within a private hospital and could save you money.
• Income protection benefit
  A percentage of your income is paid to you if you cannot work at your usual employment

Both of these options are available but at an extra cost.