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.

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.

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