Term life insurance provides cover for a specified length of time and pays a lump sum to your loved ones.
If you pass away within this set time frame, a lump sum pay out is made to your loved ones.
Most insurers, however, only tend to provide term life cover until an upper age threshold.
This is usually 74 years old, meaning only a short cover term will be offered.
It may be that this doesn’t provide you with the length of protection required and if you don’t pass away within this time frame, cover expires.
Furthermore, due to the increased risk to the insurer because of your age, premiums can be high.
At Reassured, we provide two types of term life insurance; level term and decreasing term.
Level term vs decreasing term life insurance
Level term life insurance provides a pay out which remains fixed throughout the life of the policy.
As a result, it's ideal for covering costs which remain stable, such as an inheritance, interest-only mortgage or funeral costs.
In contrast, decreasing term life insurance provides a pay out which reduces in value over time.
As a result, this cheaper option is well suited for covering a repayment mortgage, where the remaining balance declines over time.
If you decide term cover best meets your needs, it's essential to compare quotes to ensure you secure the best deal.
Get in touch with our team who can undertake the hard work on your behalf, saving you time and money.
Key benefit: If in good health you could secure a much larger sum assured, compared with that of an over 50s plan.