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. 

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 once on diagnosis of a qualifying critical illness or if you die during the term of the policy.
 

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.

Income Benefits.

You may be able to add this benefit to your policy for little cost depending on the level of benefit. The main advantage is that not only does the Life policy pay out a lump sum but also provides an agreed level of monthly cover. For example: you could receive £1000 per month for the remaining term of the policy. If it had 10 years left to run then you would receive £1000 per month for 10 years. This provides valuable peace of mind with additional financial security for your family.