Level Term Assurance (LTA)
The sum assured is set at the outset of the policy and remains at that level throughout the term of the policy. The sum assured is only payable on death (sometimes on the diagnosis of a terminal illness) before the end of the term of the policy.
Decreasing Term Assurance (DTA)
The sum assured reduces each year (or more frequently) by a stated amount. The amount of life cover will reduce to nil at the end of the term. These policies are commonly used to cover repayment mortgages. Although the cover decreases each year the premiums will remain constant.
Family Income Benefit (FIB)
The sum assured provides an annual income payable monthly in arrears. These policies are commonly used to protect your family and provide income should you die during the term of the policy. Income is payable to the end of the plan.
Your home may be repossessed if you do not keep up repayments on your mortgage
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