Term Assurance is the simplest form of life insurance available. You choose the level of cover you need and the length of time you need it. At the end of that period, the cover ceases. All your contributions go towards protection, which means that there is no surrender value on a term assurance plan. This keeps the cost to a minimum. The contributions to your plan are specified at the outset of your policy, so you know from the start the cost of your protection.
A Term Assurance Plan can provide Life and/or Serious Illness Cover. With a Term Assurance Plan, you can choose a Single or Dual Life Plan and your cover can be Accelerated Life and Serious Illness Cover. Under a Dual Life Plan, a claim on one life does not affect the cover on the other life.
The Accelerated Plan provides Life and Serious Illness Cover. After a Serious Illness claim, your Life Cover is reduced by the amount of the claim. The policy will cease in the event that a Serious Illness claim reduces your Life Cover to zero. In the event that you die before a Serious Illness claim, the death benefit will be paid provided this occurs within the term of the policy, and the policy will cease. This plan is a relatively inexpensive way to provide Life and Serious Illness Cover.
With life cover and independent serious cover, if you were unfortunate enough to get a serious illness your Serious Illness Benefit would be paid out, and if you were to die your Life Cover would be paid out in addition to your Serious Illness Cover.
A tax-free lump sum payable in the event of death within the policy term to help your family maintain the same standard of living that they enjoy.
The following requirements and options apply to Term Assurance Cover:
|Minimum Age||19 at next birthday|
|Term||5 to 40 years|
|Minimum Premium||Depends on Insurer|
|Basis||Single Life or Joint Life / Dual Life|
Use our calculator to help you decide what level of Life Cover you should have and how long you should have the cover for.