Types of Life Insurance

Term Life Insurance

Term life insurance - the cheapest and most basic type of life insurance cover available -covers you for an agreed period of time. If you die within this set period the insured amount is paid out. But if you outlive the maturity of the policy no payment is made. Joint term life insurance policies between you and your partner can also be arranged. In this instance the policy only pays out upon the first death of the two, during the agreed term of the policy.

People who want to insure against a 'worst case scenario' over a set number of years would be most suited to term life assurance. This policy provides sound basic prevention in cases where expenses are at their highest level and dependants are left at risk if the principal earner dies. However, you must remember there is no investment factor in this type of policy so it is by no way a means of saving.

In line with any other insurance schemes there are different types of policy to suit individual's circumstances and requirements. These include level term; increasing term; decreasing term; convertible term; family income benefit and many others. It is crucial to understand the cover and terms of benefit as costs differ considerably from policy to policy. We can help you to choose a policy that best suits your needs and finances, while avoiding excessive costs and unnecessary cover.