Life Insurance
Life insurance is an affordable way to protect your family’s lifestyle and give them a secure future if you’re no longer around. You can choose the level of cover required. If you die, your insurance policy will pay out a lump sum or regular income for the amount you insure yourself for.
Anyone with family and financial obligations shouldn’t think ‘do I need it?’ but rather ‘what kind and how much?’ Different life insurance policies suit different needs. Term insurance is the most common form of life insurance.
Term Insurance
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.
We usually offer protection products from a selected panel of providers.