Life Insurance

Term assurance provides low cost life and/or serious illness cover for a fixed premium over a specified term of years. The cost and the sum assured remain fixed for the entire term. If you are still alive at the end of the term, then the policy simply lapses. Your premiums have produced no monetary return, but they have provided peace of mind both for you and your dependants. There are two main types:

Level Term

In this case the sum insured remains the same for the term of the policy.

Convertible Term

This provides the same basic insurance cover as level term assurance, but with an option to convert the policy into another type at a later stage without having to undergo a medical examination or additional proof of good health at that time. The extra cost for convertible term compared with level term is typically about 5-10% depending on age and smoking status

Level term assurance can be arranged:

  • On a life cover-only basis
  • On a life and serious illness cover basis

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