Term Assurance is the simplest form of life insurance available. You choose the level of cover you need and the length of time you need it. At the end of that period, the cover ceases. All your contributions go towards protection, which means that there is no surrender value on a term assurance plan. This keeps the cost to a minimum. The contributions to your plan are specified at the outset of your policy, so you know from the start the cost of your protection.

The Term Assurance Life Policy is the most widely used form of life assurance. Some of the standard features of a term assurance policy would include:

• The policy will pay out lump sum on death,
• The premiums can be either fixed for indexed
• The cost of the policy will depend on the amount insured, the term, the age at application and medical history,
• The policy will pay out to the beneficiary or in the case of an assignment to the mortgage company.
• It is suitable as protection for a mortgage
• Policies generally have a convertible option enabling a customer to renew the policy without further medicalThis costs extra but would be highly recommended.

All our insurers provide term life insurance policies.

Term life insurance and mortgages

You and your family could suffer financially if you don’t have a protection plan in place.
Whether you’re new to parenthood, thinking about starting a family, or already have children being a parent changes your life. As a parent you may take your own health for granted, but more than most you need to plan for the unexpected. We have all heard of people who have suffered unexpected ill health – from minor accidents, injuries and broken bones that can make life difficult in the short-term, to more prolonged sickness, injury, serious illness and even premature death.
Term Assurance can be tailored specifically to safeguard the lifestyle and plans of you and/or your family. It gives you the cover you need when you need it, throughout your life.

Ask Yourself:

If you suffered a serious illness:

• Would you have the money you need to cope with the expense of the illness?
• Would your income stop if you were unable to work for a prolonged period of time?

If you died prematurely:

• The most immediate need is to pay for your funeral. Would your family have the money needed to pay for this?
• Would there be sufficient money in place to clear loans and bills leaving your family debt free?

Finally and most importantly would your family need an ongoing income coming into the household to maintain their current lifestyle?

Term Assurance cover can provide the money that you or your family would need should illness or premature death strike.  On death a term assurance policy can pay out an immediate lump sum or an ongoing income (or a combination of both).

On illness it can pay out an immediate lump sum if you are diagnosed with one of a specified range of serious illnesses such as cancer, heart attack and stroke.

It can also pay out on a range of additional less severe events such as a stay in hospital, breaking a bone, undergoing one of a range of specified surgeries and being unable to work due to accident depending on your choice of term policy.

One of our Vision Financial Advisers can help you decide which benefits are right for you and how much cover you should have (taking into account your existing cover and what the State will provide). And for couples or families the plan can cover both of you.  With a Term Assurance Policy you can change your cover as your needs change.  

If you would like to discuss any aspect of Term Assurance in more dept and discover how it would best suit you and your family, please contact us and we at Vision Financial Solutions would be glad to help.

Vision Financial Solutions Limited can help you navigate your way through this minefield of information to ensure you get the policy that will best suit your needs.