What is Term Insurance?

Term Insurance is another name for Life Insurance.

There are no differences between Term Insurance and normal, level cover Life Insurance. It is just another name for the same thing.

Term Life Insurance pays a tax-free lump sum to you or your family if you die. It is so called because the policy only remains in force for a pre-determined period of time – its “term”.

You decide at the outset of the policy how long you wish its cover to last. Most policies are taken out for between 20 and 25 years but you can have one for as short a period as 7 years. But while all Insurance Companies will provide cover to age 65, few will provide cover beyond. Age 70 is probably the oldest age you’ll find cover for and even then, it will be very expensive.

Please note : The information contained within the FAQ section has been written by Mortgage Protected Online

Related questions:

What is Life Insurance?

Why would I want Mortgage Life Insurance?

Do I need decreasing cover or level cover?

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