Term Life Insurance

Term Life Insurance (or term assurance) is life insurance that gives coverage for a specified period of time. At the end of this period, cover ceases. Should the insured die within the determined term then the benefit will be paid to the beneficiary.
The primary purpose of a Term Life Insurance policy is to provide coverage for financial responsibilities. These may include things such as dependent care, education costs for dependents, consumer debt, funeral costs and mortgages.
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Level Term Assurance
Within level term assurance, premiums remain the same throughout the length of the policy. If you survive until the policy concludes, there won’t be any payout. This type of contract only provides cover upon death and, as with all level term policies you won’t get any money back if you cancel at any time. If you are to stop paying your monthly premiums your cover will stop after 30 days of the last premium paid.
Premiums are based on personal circumstances and typically consider your age and state of health to be a big determinant. Older age and classification as a smoker will affect your premium. Similarly if you currently have or have had a serious illness in the past, an insurer may charge you more or in some cases be unwilling to cover you at all. The higher the level of cover you want and longer you need it, the more it will cost you.

Decreasing Term Assurance
Decreasing Term Assurance is generally recognised as being the cheapest method to insure an individual’s life. It has a sum assured which reduces by a fixed amount throughout the life of the policy. The reduction is generally applied each month or year. By the end of the policy term, the sum assured will have been reduced to nil, often arranged to do so alongside a mortgage and its corresponding repayments. The premiums for decreasing term assurance remain the same throughout the term, however it may be payable for a shorter period than the policy term itself. For example, a 25 year policy may only require payments to be made for a period of 20 years.