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Term Assurance

Term Assurance Cover is the simplest form of Life Insurance, which pays out, if you die during the period (term) of the plan. It should not be confused with Endowment or Whole of Life Policies, which also include an element of investment, as Term Assurance Cover does not acquire a surrender value.

Term Assurance Cover is able to provide protection when it is required, for example until the children have grown up or during the term of a mortgage. In addition many businesses and partnerships use Term Assurance Cover as a cost-effective way of covering Commercial Borrowings and Employees that are important to the company's success.

Term Assurance Cover generally pays a Tax Free Lump Sum on death within the term of the policy, however, certain adaptations have been developed to meet more specific needs.

Level Term Assurance pays a fixed amount on death within the term of the policy.
Decreasing Term / Mortgage Protection Assurance pays an amount that reduces over the term of the policy, to coincide with the reducing debt under a repayment mortgage.
Increasing Term Assurance pays an amount that increases over the term of the policy, thus helping to counteract the effects of inflation on the real value of the benefit payable.
Family Income Benefit pays an amount of Tax Free Income, usually monthly, until the end of the policy term, which again can be level or increasing to counteract inflation.
Gift Inter-Vivos Policies designed specifically to work in conjunction with certain Inheritance Tax Planning (IHT) exercises where Potentially Exempt Transfers (gifts of assets) have been made.

Quite simply, the answer is yes. There are a number of insurance companies that now offer additional features, which may be selected from a "menu", and included in the over all benefits of the policy.

Terminal Illness Benefit , whereby the benefit will be paid early if you suffer a terminal illness. Many Insurance companies now automatically include this benefit within their standard premium.
Waiver of Premium Benefit , whereby, if you become too ill to work for a given period, you do not have to pay the premiums for the policy, but your cover continues.
Critical Illness Benefit, whereby the benefit will become payable on the diagnosis of a specified serious illness or if you suffer a debilitating affliction. This can generally be arranged either as an "add on" to the Life Assurance Benefit or on a stand-alone basis.

It is a good idea to consider your own and your family's commitments. Ideally, you should cover yourself, and your spouse/partner, for an amount that is sufficient to pay off the mortgage and any other loans or to give sufficient monies to invest to provide enough income.


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