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How long should I insure for? |
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If you do not have a mortgage, then it is a personal choice as to how long to insure for. Most people insure for between 10 and 25 years. You cannot normally insure to a time beyond your 70 th birthday. For mortgage protection purposes you should also insure yourself for the same number of years that are remaining on your mortgage. The initial sum insured should always equal the capital sum outstanding on your mortgage. All proceeds from insurance policies are free from income tax.
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