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What is Term Assurance?

This is the most common form of life insurance and the concept is relatively simple. You insure your life for a set number of years (a term) and usually for a set amount of money. Therefore, should the worst happen and you die before the term is up, you can be confident that your beneficiaries will receive some money to help them pay off the mortgage, pay off debts and so on.  If you survive until the end of the term, you’ll receive no payout. If you cancel, these policies will cease. During or at the end of the term, there is no cash-in value. There are different types of term assurance, including:

· Level Term
· Decreasing Term
· Convertible Term
· Escalating Term
· Family Income Benefit

Premiums for men tend to be slightly higher than women, due to the fact that women tend to live longer. Smokers will find term premiums more expensive as their life expectancy is often shorter.

To discover how each term assurance product works to protect your family’s future, read on. Or, for advice on which type of term assurance would suit you better, give us a call.

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