Life And Term Insurance

Term life insurance is the cheapest, most basic form of life insurance. 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 on additional options, like 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. Term Life Insurance Pros and Cons Pros: If you want to leave a cash sum to your family, dependants or to pay off a mortgage after you have died, term insurance could be right for you. Term life insurance is one of the most affordable type of life insurance. Cons: More expensive than Decreasing term insurance for mortgage protection. The policy only pays out if you die or are diagnosed with a qualifying critical illness, if you add on critical illness cover, during the term of the plan. If you survive beyond the end of the term the policy has no maturity value. Below are a selection of term life insurance providers.   Term life insurance pays a lump sum in the event of death within a specified period of your choice (known as the 'term'). Premiums are normally paid monthly though some policies allow annual pay. There is no investment element with this form of life insurance, as such if no claim has been made there is no maturity value payable at the end of the term. Term life insurance is the cheapest and simplest form of life insurance. You are covered for as long as you pay the monthly premiums. If you stop paying the premiums, the policy stops. Critical Illness: a lump sum is paid in the event of diagnosis of qualifying critical illnesses. You can save money by combining term insurance with critical illness cover. However, depending on the policy type, this may provide a single payout should death follow a critical illness diagnosis, rather than two payout's if cover is obtained separately. Terminal Illness: the lump sum is paid early on diagnosis of a terminal illness. This allows you to make arrangements for your dependents whilst you are still alive. Waiver of Premium: if illness prevents you from working your monthly premiums are paid on your behalf for after a set deferment period. Check the quotes Key Facts documents for each quotation produced. Guaranteed Premiums: guaranteed premiums ensure that the premiums remain the same throughout the duration of the policy term. Alternatively 'reviewable premiums' require the premiums to be reviewed periodically, typically every five years, meaning that premiums can increase following review.   Trusts: This can avoid delays in money going to dependents and can avoid the risk of having to pay inheritance tax.

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