What is it?
A Term life insurance plan is the most basic form of life insurance and is usually the cheapest way to insure your life. It covers you for a fixed period and pays out a one off lump sum if you die during the policy term.
The level of sum assured may be decreasing for example to cover the cost of a mortgage debt or fixed for the term of the policy.
With some term insurance policies you can add additional options, for instance critical illness cover. If you do add on critical illness cover, the plan will pay out on diagnosis of a qualifying critical illness either in full or in part based on the policy critical illness definitions.
Who is it for?
This type of plan is designed for those who want to leave a lump sum in the event of their death within a specified time period whilst keeping the cost to a minimum. Term assurance can protect your family from the financial implications of a personal tragedy and is particularly important if you have young children or dependents. It can be used to cover a mortgage, other loan or to ensure that your family is protected from the effects of having to repay a debt after the main breadwinner has passed away. As advisors we can help you find the plan that best meets your requirements.
Critical Illness -The policy may not cover all definitions of a critical illness. For definitions of illnesses covered please refer to the Key Features and Policy Documents
THE PLAN WILL HAVE NO CASH IN VALUE AT ANY TIME, AND WILL CEASE AT THE END OF THE TERM. IF PREMIUMS ARE NOT MAINTAINED, THEN COVER WILL LAPSE.
THE POLICY MAY NOT COVER ALL DEFINITIONS OF A CRITICAL ILLNESS. FOR DEFINITIONS PLEASE REFE TO THE KEY FEATURES AND POLICY DOCUMENTS.