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 ‘death-benefit’ lump sum if you die during the policy term. Some also pay out earlier if you are diagnosed with a terminal illness.
Critical Illness Insurance
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.
Such polices whether taken out together or separately, provide you with peace-of-mind, as you will know that, if correctly calculated, your family and loved ones will be ok financially.
How much Life Insurance?
This of course means that you need to have some idea of the debts, including the balance on your mortgage – unless separate mortgage protection insurance has been taken out – that your family will have to deal with upon your death. You will also need to consider any funeral expenses, the costs of which could run into many thousands of pounds.
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 helps protect your family from the financial implications of a personal tragedy. It is essential if you have young children or dependents. It can be used to cover your mortgage or another loan. Whilst also ensuring that your family is protected from the effects of having to repay a debt after the primary breadwinner has passed away.
As advisors, we can help you chose the plan that best meets your unique requirements; these also taking your future needs into account.
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