Term Life Cover
What is term life cover?
Term Life cover is a form of life insurance, offered to customers over a certain term, which is usually the length of their mortgage. Term life cover is the most popular, and also the cheapest form of life insurance on the market.
A term life cover life insurance policy gives customers a policy which will pay out a lump sum payment to their family in the event of the customer’s death, assuming it is within the term of the policy.
Term life cover should not be confused with whole life cover, which is the other main form of life insurance, which sees a customer insured for their whole life, rather than just as certain term. Term life insurance is rarely offered beyond a customer’s 60th birthday, meaning the majority of customers outlive their term, and never receive a payout. Whole life cover customers will always receive a payout eventually, making it up to eight times more expensive than term life cover, because of the cost to the insurance company to run the policy.
Why do I need term life cover?
There are many reasons why people choose to take out term life cover, with many doing so because it is a compulsory requirement of taking out many mortgages. Others are just told it is by their mortgage advisor.
Those who think about the benefits of the scheme will realise that life insurance is a policy many people’s families cannot afford to be without, particularly when they have a mortgage and young children to pay for.
A potential term life cover customer should ask themselves how their family would afford to pay their mortgage and still live without their time and income, and if the answer is they couldn’t, and then term life cover will provide the perfect solution for the family.
Should the customer die, the family will receive a lump sum payment which they can use to pay off the mortgage, and to help them get back on their feet after the loss of a loved one.
Where can I buy term life cover?
You can buy term life cover from lifeinsure, and we have a full range of comparison tables to help you find the best cover for you.
Term life cover is the most popular form of life insurance for a reason and provides complete piece of mind that should the worst happen to you, your family will be looked after financially at least.