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Types of Life Insurance

Among the more recognisable providers of life insurance is Norwich Union, the biggest in the UK market and fifth largest worldwide.

Some 4.3 million people are insured by Norwich Union, across product lines including healthcare cover, home and mortgage protection and, of course, life insurance.

A total of four varieties of life cover are available from the firm, starting with a standard life insurance plan starting from £5 monthly.

Depending on the amount paid, up to £500,000 of cover can be obtained, with premiums fixed over the life of the policy.

From a smaller amount of £1.99 per month, accidental death cover can be arranged instead, worth up to £150,000 should the worst case scenario happen.

Those with £10 a month to spare or more can access the Guaranteed Lifelong Protection Plan with a promised sum paid out on death.

Meanwhile, the Guaranteed Whole of Life plan is suggested as a potential means of meeting the cost of inheritance tax.

Norwich Union asserts that such protection could be advisable for anyone with an estate valued at £312,000 or more.

However, with a wealth of similar products available from other providers - including some of the supermarkets - it might be worth seeking expert advice if there is any doubt in order to ensure the policy provides the cover it was initially obtained for.

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