Term Life Insurance

Term Life Insurance is the simplest and cheapest form of life insurance.

You decide how much money you want your family to receive from the insurance company if you die before the end of the term of your policy.

Term life insurance pays a tax-free lump sum to your family in the event of your death within a specific period of your choice (known as the 'term'). Fixed monthly or annual premiums are paid for the duration of the term and the term cannot be extended.

The amount of your premium depends on several things, which will include your age, gender, state of health, previous ill health, and the term you require. For example, a 32-year-old non-smoking male wanting £100,000 of cover for 25 years will pay around £9 a month with the premiums are fixed for the whole 25-year term.

You are covered for as long as you pay the monthly premiums. The policy will terminate if you stop paying the premiums. With this form of life insurance, there’s no savings aspect, which means that if you haven’t claimed by the end of the term, you loose all the premiums you have paid and there is no surrender value if you want to cash it in early.