What is Term Life Insurance?
Term life insurance or ‘term protection’ is over an agreed term. If you die or become ill during this term, your family will be provided for financially. It can give great peace of mind to have this cover for your key working years, when you may have dependents who rely on your income. The premium is also guaranteed never to increase.
How does Term Assurance work?
A term life insurance plan is designed to protect your family financially if you die or become seriously ill during that period. You will pay a set amount on a regular basis towards the policy (usually by direct debit) for a set period of time between 2 and 40 years. If you die or become ill, the policy will pay out so that your dependents are cared for financially.
- Peace-of-mind: Protection for your family from a substantial financial burden.
- Increased security: You can add cover for many serious illnesses and disabilities.
- Cover for your partner on the same policy.
- Flexibility: Increase cover on certain life events, like the birth of a new child.
Who is Term Protection for?
This plan will be suitable for people who want to protect their family if they die, or become seriously ill. It will appeal to people who wish to have cover for a specific period of time of their choosing, which can range between 2 and 40 years. You must be aged between 18 and 75 to take up this kind of life insurance (65 for serious illness).