End of Term

Term insurance is often the most inexpensive way to insure a life. 'Term' is the period of time chosen for the policy to run. It can be anything from one year to over 30 years. If death occurs within the term, the amount insured is paid out in full. If the life insured survives the term, nothing is paid out, as Term Insurance does not build up any cash value.

At Life Assurance Direct we can offer two types of Term Insurance:

Level Term Insurance

The face value of Level Term Insurance remains constant for the duration of the selected term. Many policies have guaranteed premiums that will not increase during the term, but this is not always the case. Some insurance companies reserve the right to increase the premium in certain circumstances, but at Life Assurance Direct, we always study the 'small print' carefully on your behalf.

Decreasing Term Insurance

Everyone gets older. And as we age, the need for a high level of insurance on a life becomes less critical. Decreasing Term Insurance reflects this fact. It means that the amount of cover decreases over the term, and in many cases it is designed to keep in line with the amount outstanding on your mortgage. As a result, Decreasing Term insurance is generally cheaper than Level Term insurance. However, as the life cover reduces, the monthly premium remains constant over the term of the policy.