16 Dec 2017
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Term Life Insurance

What is a Term Life Insurance ?

Term life insurance pays a lump sum when the lives assured dies during the policy term.

With term life cover policy the assurance company insures the life's assured for a specific number of years, which is known as the term.

When the policy comes to the end of the term the cover will cease. If the policyholder still requires cover they will have to take out a new policy.

This can be beneficial as a shorter term can reduce the monthly premiums. One thing to consider when considering a short term plan to save money is that if the policy holder has developed a serious illness such as cancer or a heart problem.

If this was to occur the assurance companies might not be willing to insure you. If they are willing to provide cover, the premiums could be so high that the cover will simply be un-affordable.

Affordability of Term Assurance

Since term assurance policies will often expire without the need for the insurer to pay a death benefit, the cost of term life cover is typically a lot lower than the cost of a whole life policy. Affordability is term life cover ’s main advantage.

Why Have Term Life Insurance ?

The main reason to take out a term assurance policy is peace of mind, here’s an example:

If someone has recently started a family, they have the option of taking out a 20 or 30 year term life policy, and can be safe in the knowledge that their family will be provided for in the unfortunate event of anything happening to them during that period. After the policy finishes, when children are grown up, the mortgage is paid off and the prospect of retirement is looming, you could argue that the cover is no longer critical and the policy will have served its purpose.

Should you Have Reviewable or Guaranteed Premiums ?

Providers of term life assurance will typically give you the option of having your premiums on a reviewable or guaranteed basis.By selecting a policy on a guaranteed premium basis then you will have the same payments for the duration of the policy.

If you opt to go for reviewable premiums, your policy will typically have a review date of of 5 years. At this point the claims history will be looked at by your insurer and your premiums could increase. You will however not be asked to provide any additional medical information so will not be penalized for any health problems that have occurred since the beginning of your policy and subsequently your premiums will not be affected.

Options to Consider

Most life assurance providers will also give you the ability to include certain options in your policy, for example:

Life Insurance Quotes & Advice

You can obtain instant term life insurance quotes with our online quotation system today. With our discounted premiums you can get a great deal for you term assurance. If you would like to take the hassle and confusion of finding the best term life insurance our professional financial advisors can help you with all the different life insurance options. Simply complete our advice form and advisor will call you to discuss your life cover needs.