Hi there,
Without knowing your exact circumstances it is difficult to give any definitive advice, but, to give some guidance, here is a summary of some the different types of cover.
Term assurance - this is the most common type of life cover, and provides a lum sum benefit (sum assured) on the death of the life assured during the term of the policy. The sum assured remains level throughout the term.
Decreasing term assurance - as above, but the sum assured decreases over the term, usually to protect a mortgage.
Family income benefit - this is the cheapest option, and provides an income for the term of policy on the death of the life assured. This type of policy is particularly useful to provide protection for a new family, as the term can be set to coincide with when the child reaches 21 for instance. It can also be used "in trust" to provide an income to a guardian should both parents die.
Critical illness cover - this an additional benefit, that can be added to the above policies. It pays out the sum assured if the life assured contracts one of the specified "critical illnesses", such as cancer, heart attach, stroke, MS, total and permanent disability etc.
Please feel free to call us to discuss in more detail, or visit our website for a free quote - http://pks.org.uk
Kind regards
Paul Skinner
PKS - Mortgage & Insurance Experts
T: 0845 226 5009
E: paul.skinner@pks.org.uk