Insure & Protect

Taking out life insurance can be a great way to protect your family should the worst happen. Life Insurance (Often referred to as Term Assurance) is an insurance policy specifically designed to pay out a lump sum of money in the event that the policyholder(s) dies during the specified term. Its main purpose is to clear any outstanding debts and provide the policyholders family with some financial support. The money could help cover a reduction in household income, pay or clear a mortgage, pay for funeral costs or subsidise ongoing living costs.

When applying for a life insurance policy you will be asked to specify a term for which you would like to be covered. This amount of time (25 years for example) would be how long you policy ran for. There would only be a payout if the policy holder was to die within the term selected. You may also be asked to decide between "Level Term Assurance" or "Decreasing Term Assurance". There is one significant difference between these two types of policies.