More Information on Term Insurance

More Information

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There are many different types of term insurance, but the two most common are as follows:

Level Term Insurance:
Term Insurance which guarantees to pay out business charter the policy benefits if the life assured dies within the selected term. If the life assured survives beyond that term, no benefit will be paid.

The term of the policy is chosen at outset. On the death of the life assured within the term, the benefits will be paid to the party(s) nominated, or if no beneficiary has been nominated, it would form part of the deceased air taxi, air taxi service, air taxi companies estate.

Term Insurance can be written on the life of one person, or on the lives of two or more persons.

For any form of life insurance, insurable interest must exist at the time the policy is affected, although it need not exist at the time of the claim. Insurable interest is the legal right to insure.

Premiums can vary enormously and have recently, due to a number of factors, fallen considerably.
The table below is to illustrates the difference in cost and should not be taken as personal advice.

 

Mortgage Protection or Decreasing Term Insurance:

The policy is designed to cover the outstanding balance of a capital & repayment loan obtained for the purchase or improvement of a property intended for residential or commercial purposes.

The term of the policy should be equal to the term of the loan and the premiums are normally fixed at the outset. However if 'reviewable' premium is chosen these may increase in later years.

The policy has a guaranteed minimum sum assured payable on death whether, or not, there is a mortgage in force at that time.

This sum assured decreases in the same way that the capital in a capital & repayment mortgage would decrease. However, the sum assured should always be sufficient to repay the balance of the loan providing there are not any arrears of payment.

Policies may be taken out on a single life, joint life first death, or life of another basis.

With the exception of a husband and wife, there must be a financial interest when applying for insurance on a 'life of another policy', proof of this 'insurable interest' will required before an insurer will provide cover.

For 'joint' domestic, or business ventures, such as purchasing a property, or obtaining a loan together etc, insurable interest is simple enough to prove.

It is also perfectly acceptable for the 'life assured' to be the applicant and nominate, as the beneficiary of their policy, someone who would not necessarily lose financially in the event of life assured dying.

However, in all other cases the applicant must prove that they would lose financially if the life assured were to die.

Additional options:

Under both types of contracts the applicant(s) may apply for 'waiver of premium' benefit.

This ensures that the premiums are paid on their behalf, by the insurer, if they were unable to follow their 'normal' occupation due to long term illness or disability.

This benefit usually applies after they have been unable to work for 26 weeks and typically costs an additional 3-5% of the original premium.

Product Provider Selection:
Premiums and cover can vary from insurer to insurer, so it is imperative to make sure that you have a policy that meets your requirements.

Jet Safety

However, in the absence of any 'special' requirements, the provider recommended will be selected purely on the basis of cost.

We will also supply you with a personal illustration, brochure and key features document outlining the main features charges/costs and fees paid to us for arranging this policy.

--------  Term Insurance Explained in plain English

Term life insurance is the most basic form of life insurance and is the least expensive means of insuring a life. Term insurance covers you for a fixed period and only pays out a single lump sum of money if a person dies during the policy term.  see: Definition of Term Insurance

A number of term insurance policies offer additional options. These include for example critical illness cover (see: Critical illness cover is it worth it - This is Money).

One advantage of adding critical illness cover is that the term insurance plan will pay out on diagnosis of an illness that is life threatening

To obtain some term insurance illustrations which will show what the costs will be to protect yourself then please complete the application form and we will come back to you with some personalised figures or if you have any questions that you would like answered then please feel free to either email or call free on 998 005 5522, we are here to help and look forward to assisting you soon with your insurance

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