Term Life
Assurance

Term life Assurance is a simple and
inexpensive form of life insurance policy that pays out a lump
sum (the sum assured) in the event of the death of the
policyholder, and is necessary to ensure that your family and
dependants will not suffer financially if the worst should
happen. Term insurance is usually available on either a single
or joint life basis and some plans also have additional
benefits such as paying out on the diagnosis of a terminal
illness during the term of the policy. If the policyholder or
policyholders are alive at the end of the term the policy
expires and no payment is made. If you stop paying premiums at
any Stage during the term, the policy lapses and has no
value.
There are several types of term Assurance, some of which are
detailed below.
Level term Assurance is designed to pay out
a sum of money if the policyholder should die during the term
in which your policy runs. When choosing your policy, you
should choose the amount you want paying out (the sum insured)
and the length of time for which the policy is to cover (the
term). The sum assured is guaranteed at the outset and remains
unchanged through out the term.
Decreasing term Assurance (often called
'Mortgage Protection') is where the sum assured decreases over
the term of the policy. This is commonly used to protect a
capital & interest repayment mortgage, where the
outstanding balance reduces each year.
Critical Illness Cover. The sum assured is
payable on the conclusive diagnosis of a critical illness, such
as cancer, a heart attack, multiple sclerosis or a stroke.
These policies differ from private medical insurance plans,
which pay for treatment in the event of critical illness.
Details of conditions covered in most critical illness benefits
are listed below, but please use these as a guide only.
| Alzheimer's Disease |
Angioplasty |
| Aorta Graft surgery |
Benign Brain Tumour |
| Blindness |
Cancer |
| Coma |
Coronary Artery By-Pass |
| Deafness |
Heart Attack |
| Heart Valve Replacement |
HIV/AIDS (under certain circumstances) |
| Kidney Failure |
Loss Of Limbs |
| Loss of Speech |
Major Organ Transplant |
| Motor Neurone Disease |
Multiple Sclerosis |
| Paralysis/Paraplegia |
Parkinson's Disease |
| Stroke |
Third Degree Burns |
| Permanent Total Disability |
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Waiver of premium is often available at a small extra cost,
this will pay your premiums if you are unable to work for
health reasons.
Life Assurance
Quote
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