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Life insurance also known as term assurance is an established way of financial protecting your loved ones by providing a tax-free cash lump should the worst happen to you.
The level of cover you you require can either remain fixed or reduce throughout the life policy, often being used to cover a mortgage or other financial obligations.
› Do I need term assurance?
What would be the financial impact on your family if you were to pass away?
Would your partner have enough earnings to cover your outstanding financial obligations?
If not, life assurance could protect them from financial hardship.
› Level or decreasing life cover
Level term assurance is often used as a basic life policy to protect family finances or to cover an interest only mortgage as the level of cover is fixed for the term of the policy.
Decreasing term insurance is often used to protect a principal repayment mortgage loan as the level of cover can decline in line with your outstanding mortgage.
› Single or joint life policy
A single life policy is designed to cover a single person. A joint life plan is designed to cover a mortgage or loan which is in joint names.
A joint life term assurance policy covers two lives but will pay out only once, on the first event.
Please note if there is a claim on a joint term assurance policy it will automatically terminate, the survivor is no longer covered by the policy.
› Guaranteed or reviewable?
Guaranteed premiums ensures your premiums are fixed, they will not increase at any time during the life od the policy.
A policy with reviewable premiums allows the insurer to review the risk of your policy every 2 to 5 years which in turn gives them the right to adjust your premiums according to the risk.
As you would expect, at the outset the premiums for a guaranteed term policy is higher than a reviewable plan however over time guaranteed premiums tend to work out cheaper as the insurer has no right to review your risk and inflate the premiums.
› Include a critical illness policy
Adding a critical illness policy to your term assurance financially protects you if you were to be diagnosed with a critical illness such as cancer or a heart attack.
› Indexation option
An additional option available with a life assurance policy which ensures your cover increases with inflation during the term of the policy.
For example £200,000 worth of term assurance cover today, will still be worth £200,000 in real terms at the end of your plan as the amount of cover will increase in line with the retail price index(RPI).
› Waiver of premium
Waiver of premium ensures your monthly premiums are covered should you be unable to work an earn an income due to illness or injury.
In such times of needs this additional cover provides you with the peace of mind your premiums will be met and you remain covered.
› Useful resources
Both the government and associations have produced guides and information on life insurance. The Financial Services Authority Site - Money Made Clear has a number of useful insurance resources.
Whilst DirectGov has a useful section for consumers when looking to buy insurance.
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Types of life insurance

There are a wide range of different types of life insurance products available to suit every need, from cash lump sums to monthly incomes... read more

Life insurance coverage

Life insurance coverage can vary considerably between insurers, get a grasp of the options and key questions to consider when buying life insurance... read more
If you are looking for a term assurance policy and need some guidance or just require a personal quote comparing all the market leading life insurance providers then let us know.
Call 0800 612 7897 or email personal@drewberryltd.com
Also known as | life insurance | term assurance | level term insurance

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When needing any sort of insurance it is vital to do your research or pass this role to an expert in the field.
When buying term assurance it is important to take the time to read through the key facts of a range of products so you have a good understanding of the cover you can expect and any likely exclusions on the policy.
A good basic understanding of the policies on the market can really help obtain affordable life insurance that best fits your requirements.
More useful information
› The benefits of term assurance
At some point in time we all need to consider our financial protection, whether it is a new house or bringing a new person into the world, the more responsibility we have the more important our financial protection becomes.
Often the first type of insurance we need to consider is term assurance. It has the advantage of providing a tax free cash lump sum and can be tailored to your specific requirements. Term assurance is a simple product and reasonably cheap
Whether you want to cover a specific loan, provide protection whilst your children are still at home or just have the peace of mind that you are looking after the loved ones you leave behind term assurance can provide this security.
› Personal factors affect your term assurance
Like many other insurance products term assurance premiums are dependant on a number of personal factors and cover you choose. Personal factors which the insurers consider include your age, whether you smoke and any pre-existing conditions.
Age
Although with age we get the benefits of cheaper car and home insurance we are not as fortunate with life insurance. It will come as no surprise to you that as we age so our likelihood of the worst happening increases. Insurers build this fact into their quoting mechanism and thus the older you are the higher your premiums will be.
Smoker
The cigarette packets themselves do a good job of summarising the health risks associated with smoking.If you have used tobacco products in the past 12 months then most insurers will deem you a smoker and in turn quote you inflated premiums to account for the additional risk.
Pre-existing conditions
Pre-existing conditions can affect the premiums quoted and the cover provided by the policy, failure to disclose a condition could result in your policy being void.
› Making sure you find the best deal
Finding a low cost term assurance plan is like finding the best deal on any other insurance, utilise your resources and shop around. Starting with the web you can gain a good understanding of the leading life insurers and their products. By asking a range of providers to quote you can ensure a competitive price and get exposure to the type of service you can expect.
Each insurer tends to conduct their own methods of underwriting a policy which means one insurance company may well look upon you more favourably than another and offer you favourable rates.
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