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Term Life Insurance
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Term life insurance is one of the main life insurance products that are available on the market for you to tap into if and when you feel like you need cover for any given reason. It is perhaps the most popular of all the life insurance products out there because it is the form that is most commonly associated with mortgage cover. This is a result of one particular feature of term life insurance and a clue to that is given in the name of the product itself. |
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Term life insurance is exactly what the label suggests. It is life insurance that is valid for a specific period of time. The term is always fixed and no payouts are made unless the policyholder dies during the course of the policy. Once the term life insurance policy expires, there is no payment on survival and no benefits can be drawn on it at all. |
As with other life insurance policies, term life insurance premiums are usually payable once a month. As the term is usually a number of years, the premium is the same for the duration of the policy. You are initially assessed on your age, health and habits, primarily whether you smoke or not.
The general rule is the younger you are and the healthier you are, the lower your premiums will be. In addition, the premiums for females are usually lower as their life expectancy is generally higher. This is why you should get a range of quotes before deciding on a given policy and a given term.
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