Life Insurance

Life Insurance

What is term life cover?

Term Life Insurance is a life insurance policy that agrees to pay an agreed set sum of money from outset, payable in the event of your death during the agreed set policy term.

A term life insurance policy has the following features

  • It pays out a predetermined lump sum on death.
  • You can choose to have Premiums and cover amount fixed or index linked to ensure that your lump sum is inflation proof.
  • It is calculated by reference to amount, term, age and in certain circumstances your medical history.
  • Term policies can be written up to age 90 with some providers.
  • Term life can be provided in a single life bases.
  • Term cover can be on a Joint life bases where by the cover is paid out in the event of the first deceased, and after which the policy will cease. Dual life cover will pay out in the event of the first death and cover will remain on the second person’s life up until their death or the end of the term.
  • It is suitable as protection for a mortgage and any cash surplus after the outstanding mortgage is redeemed is returned to the deceased estate.
  • Policies can include Conversion option that enabling you take out a new policy at the end of a set term without further medical evidence, this is an excellent benefit as a person’s health may change over the term of a policy This costs extra but can be very useful as the years go by.
  • Premiums are guaranteed from outset, and where you elect indexation the indexation rate is also agreed.

Disclosure

Full disclosure is an essential part of any application as failure to disclose some relevant information can have an impact in the event of a claim.

Choosing the right product

Choosing the right insurance policy is important and as insurance brokers we can help you chose the correct level of cover and the correct policy for your particular needs.