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life insurance

Term Assurance:

This type of cover protects you for a given term for a fixed benefit. The amount of life cover is chosen at the outset will be paid whether a claim on death is made in the first year of the term or the last year. Quite often a payment would be made on the diagnosis of a terminal illness before the last 18 months of the plan, where you had 12 months or less to live. This type of protection may be suitable for family protection and Interest Only Mortgage debt, where the level of debt on the mortgage does not decrease as the years progress, however, this would depend on individual circumstances, and you should seek further advice.

  • Provides a lump sum on death or terminal illness to help provide a financial buffer for your family or to pay off debts
  • The level of cover remains the same throughout the term of the policy
  • The policy pays out if you die during the term of the policy or if, before the last 18 months of the term, you are diagnosed with a terminal illness. (A terminal illness means you are not expected to live for more than 12 months)
  • Life insurance policies will only pay out once within the agreed time, so if the policy pays out because of a terminal illness claim, the policy and cover will end
  • Paying out on diagnosis of terminal illness may be proportionate to the level of cover under a death claim
  • Please be aware that in some cases, this type of assurance is based on an assessment of the health of the applicant.

Convertible Term:

Like Renewable Term Assurance, this type of term assurance contains an option at the end of the term. This time it is to convert it into a whole of life policy without the need for a medical. The option must be exercised before the plan ends. The level of protection cannot be increased upon conversion and, although your health is not taken into consideration at the time of conversion, the terms offered will be based on your age.

Option at specified dates to convert your protection-only policy into an investment type insurance policy based on your health at the time you took out the original term insurance.

The agreement requires that premiums are paid on time and that the insurer makes no changes except if a premium change is made for an entire class of policyholder.

This option is of limited use.

Please be aware that in some cases, this type of assurance is based on an assessment of the health of the applicant.