Term Life Insurance
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Term life insurance provides coverage for a certain period of time, known as the term. The monthly cost of the insurance remains the same for the period, which may last anywhere from a year to 30 years. If the insured person passes away within the time period of the policy, the insurer will pay the agreed lump sum to the beneficiaries named on the policy. However, if the policy expires before your death, there is no pay-out.
With term life insurance in place, there’s a safety net that can provide funds for:
- Paying a mortgage
- Covering the years until children have graduated from college, to make sure there are funds for tuition and living expenses
- Covering other specific debts that would be passed on to someone else
- And other important concerns if you were no longer around
When you buy a term life insurance policy, the insurance company determines the premiums based on the policy’s value (the pay-out amount) and your age, gender, and health. In some cases, a medical exam may be required.
Once the level term period is over, you can generally renew the policy, but if you outlive the length of the policy without renewing, the policy expires. There is no refund of what you’ve paid in.
If you’re buying term life insurance, you have two main decisions to make: How long the term should be and how much life insurance you need?
A good term life insurance amount is generally one that matches the debts or obligations you want to cover. The insurance is intended to pay a family’s expenses that would have been paid by the person’s salary.
If income replacement is your goal, you’ll want to know the approximate amount your family would need to maintain their standard of living for the time period you want to cover.
Your Term Life Insurance is non-taxable if you place your policy into in Trust. This can also help to ensure that the right people receive the correct money at the right time. This also helps to provide money to your beneficiaries quickly without the need to wait for probate.
Term Life Insurance: Providing Affordable, Comprehensive Protection When You Need It Most
Deciding on the right life insurance policy is an essential step in safeguarding your family’s financial future. Term Life Insurance, known for its affordability and simplicity, stands out as an effective solution for those needing substantial coverage over a specific period.
Term Life Insurance, as the name suggests, offers coverage for a specified ‘term’ or period. It provides significant death benefits at a fraction of the cost of permanent life insurance, making it an economical choice for many families.
One of the key advantages of Term Life Insurance is its affordability. Given its straightforward nature – providing a death benefit without any investment or cash-value component – premiums for Term Life Insurance are usually lower than other types of life insurance. This cost-effectiveness allows you to secure substantial coverage even when working with a tight budget.
Another significant benefit is its flexibility. With Term Life Insurance, you can choose the term length to align with your specific needs, whether it be paying off a mortgage, supporting dependents, or covering your children’s education costs. This tailoring ensures you have adequate coverage during your most financially vulnerable years.
Term Life Insurance also boasts of simplicity. Its straightforward structure makes it easy to understand, helping you make an informed decision about your coverage. With Term Life Insurance, what you see is what you get: pay the premium, and in return, your beneficiaries receive the death benefit if you pass away within the policy term.
In terms of customer service, providers of Term Life Insurance generally offer personalised support throughout the life of the policy. This includes assistance in policy selection, premium payments, and efficient handling of claims, ensuring your experience is seamless and stress-free.
Moreover, most Term Life Insurance providers have adapted to the digital age, offering online platforms to simplify policy management. From obtaining a quote to filing a claim, these platforms offer convenience and accessibility at your fingertips.
Protect your family’s future with Term Life Insurance. With its affordable premiums, flexible terms, and straightforward coverage, Term Life Insurance is more than just a policy; it’s a reliable, cost-effective safety net for your loved ones during the years they need it most.
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Find out more about Life Insurance by reading our Life Insurance Explained guide
Life Insurance
Life insurance provides a lump sum in the event of death during the term of the policy. Life insurance will be paid to your loved ones and can be used to ensure your family can maintain their lifestyle should anything happen to you.
Critical Illness Cover
Financial worries are the last thing you want to be dealing with should you become critically ill. A critical illness policy will pay a lump sum, upon diagnosis of a qualifying illness. These conditions will vary depending on the chosen insurer.
Income Protection
Income protection is a form of insurance cover that can provide a regular income if you are unable to work due to long-term illness or injury. This type of protection will typically provide policyholders with between 50-70% of their incomes, in a regular monthly payment.
Mortgage Protection
A mortgage protection policy is a life insurance policy that protects your loved ones in the event of your death during the term of your mortgage. If you become seriously ill or die, mortgage protection is designed to clear your mortgage balance in full to protect your family.
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