Life Insurance

Life insurance, otherwise known as Life Assurance, is a policy designed to pay out a sum assured on the death of the life insured if it occurs within the specified term of the policy. Crickett Finance is only authorised to sell term assurance policies, which are typically bought in conjunction with a mortgage.

Policies can be for purchased for single life, or joint life, used when a couple buy a property together. The purpose of the policy is to pay off the mortgage in the event of the death of either policyholder during the term of the mortgage. If one of the live's insured was a house-wife/house-husband, then the policy would still payout, thus paying off the mortgage and easing the financial burden of the other policyholder. Naturally, once a policy has been claimed upon, and paid out, the policy will cease and premiums will no longer be due.

There are two types of term assurance, level term assurance and decreasing term assurance, please click on the links on the right to read more about level and decreasing term assurance.

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