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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 lump sum if you die during the policy term.
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. We recommend you check the policy for a list of specified illnesses that are covered.
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 aiming to keep the costs to minimum. Term assurance can protect your family from the financial implications of a personal tragedy and is particularly important if you have young children or dependents. It can be used to cover a mortgage, other loan or to ensure that your family is protected from the effects of having to repay a debt after the main breadwinner has passed away. As Whole of Market Mortgage and Protection Advisers we can help you find the one that best meets your requirements.