Term assurance policies represent the simplest form of life cover, for example, charging structure would just include a policy fee. The sum assured is paid out on the death of the life assured during the term of the policy. If a claim does not arise, there is no further benefit from the policy and the contract ceases at the end of its term. The policy has no value if it is discontinued during its term (lapsed) i.e. the policyholder does not pay the premiums when due. Policy duration can be as short as one day or for terms of up to 30 years or more. Such policies may be used to protect a known and specific liability such as an interest only loan, or to provide cover for dependants. For...
Continue reading...
Term Assurance Term assurance pays out a lump sum should you die within the term of the policy. It is the simplest form of life insurance and normally the cheapest option to provide the level of cover you require. Term assurance doesn't contain any investment element, it simply promises to pay out if you die within the term. If you don't die within that time, you receive nothing. Because the term is limited the life company who insure you are betting that you (or most of their millions of customers) won’t die during the term hence the cover can be offered at a very low rate. Like your house insurance ; it is not a good idea to be without life assurance if you have a partner or dependents...
Continue reading...
Term Assurance Term insurance is the cheapest - and simplest - form of life insurance. You insure yourself for a set term - until a loan is paid off, for example. It doesn't contain any investment element - it simply promises to pay out if you die within the term. If you don't die within that time, you receive nothing. Term policies can either be level or decreasing. A level policy simply means the sum assured remains 'level throughout the term of the policy. If you die on the first day of the policy, you get exactly the same sum as you would if you died near the end of the policy. A decreasing term assurance policy on the other hand, will pay out more at the beginning of the policy than it...
Continue reading...
NEWARK, N.J., June 17, 2020 – Prudential Individual Life Insurance and Assurance IQ, a wholly owned subsidiary of Prudential Financial, Inc. ( NYSE: PRU ), are now offering Prudential’s SimplyTerm term life product through the Assurance IQ platform. The launch of SimplyTerm on the Assurance platform is an important milestone aligning the businesses to combine the strength of the Prudential brand with the direct-to-consumer, mass market reach of Assurance. With a $12 trillion life insurance coverage gap in the market,¹ the availability of this simplified solution via a digital platform helps ensure customers can access insurance products when and how they prefer. Launched this month in...
Continue reading...
Level term insurance Level term life insurance covers you for a fixed period and pays out a lump sum if you die during the policy term. The amount you are covered for is fixed at the start of the plan and won’t change. The premiums remain fixed throughout the term of the plan as well. This type of cover could be used to cover an interest-only mortgage, other debts or to help look after your loved ones when you die such as paying for education. Advantages of level term insurance If you want to leave a cash sum to your family and dependants or to pay off a mortgage after you have died, level cover life insurance could be right for you. It provides certainty as both the cover and the...
Continue reading...
This follows the Government’s initiative to simplify the tax treatment of pensions and remove the restrictions traditionally associated with pension term assurance. It will no longer be necessary for people to have a pension plan to apply for pension term assurance and the new contribution limits will be less restrictive. Legal & General’s Tax Efficient Life Insurance Plan is a life insurance product which provides life cover in the event of death or terminal illness. Pension Term Assurance differs from other term assurance plans in that tax relief is available on the premiums paid and therefore reduces the cost for the customer. For example, a male who will be 35 next birthday, non-...
Continue reading...
; rel=shortlink X-Powered-By: WP Engine X-Cacheable: SHORT Vary: Accept-Encoding,Cookie Cache-Control: max-age=600, must-revalidate X-Cache: HIT: 1 X-Cache-Group: normal Accept-Ranges: bytes Term Assurance – Life Insurance | Enduralife Term assurance is the cheapest – and simplest – form of life insurance. You insure yourself for a set term – until a loan is paid off, for example. It doesn’t contain any investment element – it simply promises to pay out if you die within the term. If you don’t die within that time, you receive nothing. Term policies can either be level or decreasing. A level policy simply means the sum assured remains level...
Continue reading...
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. The Term Assurance Life Policy is the most widely used form of life assurance. Some of the standard features of a term assurance policy would include: The policy will pay out lump sum on death, The premiums can be either fixed for...
Continue reading...
1. What is it?PTA offers the same basic benefit of life insurance – the sum assured paid if you die within the term, but a tax break made widely accessible from the start of the new tax year in April means significant discounts can be found. 2. How popular are PTAs?One leading firm of independent financial advisers was recently reported to be selling the policies at the rate of 700 a month. Major companies including Friends Provident, Norwich Union, Standard Life and Legal & General have begun selling new PTA products and Barclays bank recently entered the market. 3. Why is it called pension term assurance?PTA did exist before April this year but the qualifying rules were stiff and take...
Continue reading...
The following are a list of frequently asked life and pensions questions and answers, which we hope you find useful. Please click on the headings below to find out more information Mortgage protection is a form of life insurance policy, where the amount of life cover reduces over time. It ensures that your remaining mortgage will be paid off if you die during the term of your loan. Most lenders will require that you have mortgage protection in place prior to allowing you to draw down a mortgage. Term assurance is a form of life insurance policy, which pays out a lump sum if you die during the term of the plan. You choose the term and the amount of cover you need at the start of the plan,...
Continue reading...