Term assurance policy

Life Protection Options - Abacus Assurance Financial Services Ltd

There are several ways in which you can protect yourself and your family in the event of an untimely death. Most people take out life assurance to provide for their families and alleviate any financial worries at a difficult time. Level Term Assurance pays a lump sum in the event of death during the term of the policy. There is no investment element within a term assurance contract, so at the end of the term there is no maturity value and life cover ends. The benefit is paid tax-free. Premiums are usually monthly and fixed throughout the term. As the term and benefit are known from the outset, and there is no investment content. Term assurance can be a cost-effective method of protection....

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Term assurance

While a decelerating housing market could threaten a slowdown in term assurance sales the market is currently strong, finds Paul Robertson The UK term assurance market has enjoyed a continued period of buoyancy over the last year. Billed as one of the simplest and most effective types of insurance, term assurance is also one of the cheapest and has found sales driven forwards by 2002's boom in housing and consequently mortgage sales. Although there is no doubt that term sales are strong, actual figures are hard to come by as the most recent market overview was released in October 2002 by Ge Frankona Re, and referred to 2001's figures which were impressive, showing total sales up by 28% on...

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CMIS

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 who...

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Assist Mortgages-Types of cover

Is Life Cover known under different names? Because Life Assurance is such a varied and flexible product, it can come under a number of different names. Each generally describes the covers aims however some are simply interchangable with Life Assurance: Life Insurance(also known as Level Term Assurance) A general term used to mean the same as Life Assurance. The difference is that in the insurance world they insure against something which might happen but they assure against some they know definitely will happen at some stage, i.e., death. Term Life Assurance is the opposite of Mortgage Life Assurance in that the amount of cover remains the same throughout the term of the policy and does not...

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Proactive Independent Mortgage Services, Bromsgrove

Life Assurance If you have a family and/or a mortgage, life insurance can give you peace of mind that they will be looked after in the tragic event of your death. None of us like to think about it, but understanding how this type of insurance works could save you money. You should first look at term assurance. This temporary form of life insurance is offered by most insurance companies, a number of friendly societies and other financial providers. It's based on a simple concept - the insurer guarantees to pay the policy benefits if you die within a given time. If you survive to the end of the policy's term, no benefit will be paid. The term of the policy depends upon you and may be anything...

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Term Assurance : Articles : Financial Advice

Term Assurance is one of the most cheapest forms of life cover available. This is because it is taken out for a specific length of time (the term), for a specific amount of cover and, if the person survives to the end of the term, the policy will end and have no value. There are two main types of Term Assurance, Level Term Assurance and Decreasing Term Assurance (sometimes called Mortgage Protection). There are many variations and additional options to these 2 basic types of policy. Guaranteed Premiums Available: Yes Reviewable Premiums Available: Yes Critical Illness Insurance included: Can be added as an option Income Protection Insurance included: No Increase Cover option: Yes, normally...

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Level Term Assurance - for those who have children or a spouse or partner.

Level Term Assurance Information The name says it all. It’s Level Term Assurance, as you only get a payout within the set 'term' e.g. 18 years. It’s level, because the payout you get is fixed from the start of the term until the end. Level term assurance thus is designed to pay a known lump sum payout upon death within a fixed time e.g. £150,000 if you die within the next 18 years. WPP Financial Services, Rochester, Medway Kent, could help with this. The Financial Conduct Authority does not regulate taxation and trust advice. 3. Your lifestyle can make the cost of cover cheaper. The monthly premium payable for cover is likely to increase with the likelihood of death within the term – age,...

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Decreasing Term Insurance,Assurance: What is it?

Decreasing Term Insurance: What Is It? It’s easy to get confused with all the terminology surrounding life insurance. At Quick Quote Life we like to provide you with the information you need to make a properly informed decision regarding your life cover – after all, it is a meaningful financial commitment with a significant impact to the lives of your loved ones when you pass away and it needs to be done well. What is decreasing term life insurance? First it is important to understand the terms and what they mean in relation to life insurance: Decreasing – this means that the value of the final pay-out lowers over time. What might begin as £300,000 cover might only...

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What is an ideal term on a term assurance policy? - Assured Life

The term of a life insurance policy is of utmost importance & if not chosen wisely can leave you regretting your decision later in life. Although it’s very subjective, I’d still suggest the longer the term the better simply because it increases the likelihood of your family getting that lump sum for which you’ve been paying the premiums religiously for years. Having said that, there’re many different ways of designing a policy depending upon a certain budget, so for e.g. if you have a strict budget in place & you require, let’s say, at least £200k worth of cover to protect your mortgage which has another 25 years left on it & you also wish to leave behind some money for your...

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FPP News Term assurance

Choose the amount you want to be insured for and the period for which you want cover The most basic type of life assurance is called ‘term assurance’. With term assurance, you choose the amount you want to be insured for and the period for which you want cover. If you die within the term, the policy pays out to your beneficiaries. If you don’t die during the term, the policy doesn’t pay out and the premiums you’ve paid are not returned to you. There are two main types of term assurance to consider – ‘level-term’ and ‘decreasing-term’ insurance. Level-term life insurance policies A level-term policy pays out a lump sum if you die within...

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