Term insurance provides more insurance for less money than whole of life policies. This is because premiums are lower, as the insurance company may not have to pay out at all. Therefore you are able to purchase more coverage when you most need it.

Level term insurance is appropriate for someone needing to provide a certain amount of money to cover a need during the term. For instance, someone who has an interest-only mortgage can take out level term insurance to cover their capital repayment.

Increasing term insurance covers an amount that will grow over time. A businessman may cover his partner's life and the increasing amount would cover the growth in the size of the company.

Convertible term assurance covers someone unsure of long term needs. The ability to convert to whole of life should income increase or to a savings plan should the kids finish college, no longer needing cover.

Term insurance is where covered is provided for a fixed term. The sum assured will only be payable on death, with no investment benefits nor payment on survival.

It is important to understand this concept. Should you survive past the end of the term, you will not receive any payment as your
Chat Conversation End