A term life insurance plan is the most basic form of life insurance and is usually the cheapest way to insure your life. It covers you for a fixed period and pays out a one-off lump sum if you die during the policy term. With some term insurance policies you can add additional options, for instance critical illness cover. If you do add on critical illness cover, the plan will pay out upon diagnosis of a qualifying critical illness or if you die during the term of the policy. This type of plan is designed for those who want to leave a lump sum in the event of their death within a specified time period whilst keeping the cost to a minimum.
Term assurance can protect your family from the financial implications of a personal tragedy and is particularly important if you have young children or dependents. It can be used to cover a mortgage or another loan, or to ensure that your family is protected from the effects of having to repay a debt after the main breadwinner has passed away. As advisers we can help you find the plan that best meets your requirements.
Life Assurance vs Life Insurance: What’s best?
It depends on your individual circumstances and the type of cover you’re looking for. The main difference is that life assurance is an investment product, due to the guaranteed payout, offering the beneficiary more financial freedom. Life insurance is a means of making sure you can still provide for your family even if you were to pass away, giving them the support required to fulfill everyday responsibilities like paying the bills and mortgage. It’s important to remember that with life insurance, if you are to die outside the term of your policy, you will not receive any payout, and one of the main advantages of life assurance is that you have cover throughout your entire life. Whether you’re simply looking to ensure your mortgage will be covered in the event of your death, or require peace of mind that your loved ones will receive a lump sum whenever you die, Charles Derby Mortgage bureau can guide you through the most suitable protection plans for your individual circumstances and needs.
We’re only focused on ensuring you get the protection you need, so if you’d like to arrange an appointment with us, please call 0330 094 5476 or send us a message. Whether you’d like to meet with us individually or with your family members, we can be completely flexible, talking you through all the available options and comparing the cost of cover from different providers.