Term Assurance

Many people put off taking out life insurance policies until their health is already fading. This is a bad move as applying for insurance with pre-existing medical conditions will only drive your premiums through the roof, meaning you end up paying a lot more in by the time you pass on than you would have done if you had started when you were still healthy. One such product that people should consider as part of their life insurance plans is term insurance. This is when you pay a premium for a set amount of time, and if you pass away during that time your dependents will receive a payout.

There are various types of term assurance and you may find some are more suitable than others for your uses. The most versatile type is the convertible term assurance. This is the same as the usual kind, apart from when the policy expires you can roll it over in to a traditional life insurance policy or other endowment policy. Other kinds include the increasing term policies where the potential payout increases a little with each passing year. This kind of term assurance policy is designed to offer some protection from the ravages of inflation on the final payout.

When shopping for term assurance it’s vital to receive the best and most impartial advice available. Luckily for consumers there are numerous FSA accredited independent financial advisors you can talk to for absolutely no cost who can advise you on your finances right across the board.