Cover Choice is a UK insurance broker serving individuals and businesses. It offers policies from a range of leading insurance providers such as Aviva and Legal & General, based on your budget and needs.
We’ve analysed what it offers to tell you what you need to know.
Who is Cover Choice?
Cover Choice is an insurance broker that sources policies from a range of providers. It offers an online comparison service, along with call centre-based advisors who can help you understand your policy options. Cover Choice can also visit clients at their home or business, and offer policies from £5 a month.
Cover Choice is the trading name of Sort Me My Financial Services Ltd.
What types of life insurance does Cover Choice offer?
Cover Choice has a range of life insurance policies from different providers. Each has a different set of features.
Level term life insurance
Level term life insurance is the standard life insurance type. Your premiums and policy will stay the same throughout your policy term, and won’t change with inflation.The policy is usually over a fixed period of time, and pays out a lump sum in the event of your death. The lump sum is intended for your family to live off or to use to pay off large debts, making it a popular policy type for those with a mortgage.
Decreasing term insurance
Decreasing term insurance is also known as “Mortgage life insurance”, and is a type of term life insurance that provides a policy payout at a predetermined decreasing rate. Premiums are typically constant throughout the contract, and the payout is typically reduced either each month or each year.The idea is that the need for high levels of insurance decreases with age, so the payout is pegged to the remaining mortgage of the insured person’s home. This type of life insurance is not usually advisable for someone who has no other life insurance policies.
Joint life insurance
This type covers two people. It typically pays out the policy amount when the first person of the two dies.Joint life insurance is a popular option for those where the death of the other would drastically impact their lifestyle – for example, a family with children. This type of policy is generally cheaper than taking out two separate policies.
Over-50s life insurance
Over-50s life insurance is a way of ensuring that, once you hit age 50, your loved ones are left with a fixed cash sum in the event of your death.Over-50s plans are generally guaranteed, and there aren’t any medical questions to answer. These plans are usually for life.
Whole-of-life cover, as the name suggests, is a policy which spans the rest of your life. You pay a premium each month, and, when you die, the policy pays out a lump sum to your loved ones.This type of policy can be set up either individually or jointly, and you can add extras such as critical illness cover during your discussion with your insurance advisor. Some people choose to run a whole-of-life policy alongside another policy, such as level term or mortgage insurance.
Critical illness cover
Critical illness cover will provide a payout for your family in the event of a serious illness. The payout is either in a lump sum or in regular instalments.Although critical illness cover can be taken out as a policy in its own right, it is often taken out in conjunction with another policy, such as level term insurance or family income benefit.
Family income benefit
Family income benefit policies are designed to replace the loss of income your family would face in event of your death. The policy would give your family a regular (usually monthly) set of payments, rather than paying out a lump sum.The policy can be taken out for 1-40 years, and is influenced by medical history and age. This is generally an alternative for those who feel like a lump sum payout could be wasted or mis-spent.
Frequently asked questions
More guides on Finder
Invest in bond ETFs
Find out what Bond ETFs are and how to invest in them.
Vauxhall Vivaro insurance group
Find out which insurance group the Vauxhall Vivaro falls under and how much it costs to insure.
Monzo review: Is it worth it?
Is Monzo’s app-only current account the right option for you? Read our review to get the low-down on all of the features of the account, its card and the app.
HSBC Premier current account review
Discover what the HSBC Premier current account has to offer to see if it’s right for you.
How to get free stocks and shares in the UK
Find out which platforms are offering free stocks and shares for new customers in the UK.
Compare COVID tests for business travellers
Find out what tests employees must arrange prior to departure and compare test providers.
Scottish Friendly review
Scottish Friendly is a mutual organisation in the UK that offers ISAs and investment bonds. Read our review to find out what we think of Scottish Friendly and how much it costs.
Emma mattress review
Find out more about the budget-friendly Emma mattress with its 200-day free trial, including comfort, composition, shipping, returns, FAQs and more.
Toyota Hilux insurance group
Find out which insurance group the Toyota Hilux falls under and how much it costs to insure.
Citroen Saxo insurance group
Find out which insurance group the Citroen Saxo falls under and how much it costs to insure.