At its simplest, in exchange for paying a premium, the life office will agree to pay out a certain sum if the insured dies before a certain date.
If the policyholder does not die within the term, the policy merely lapses. There is no payout of any sort. These policies are usually cheap to buy and they perform the useful function of providing protection for those who benefit from the policy, such as family members, if the policyholder dies.
The same principle of protection applies to a number of other types of insurance whether the benefit is, for example, to provide specific help to the deceased's family, or to repay a mortgage.
Term Assurance
12/05/2008
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01604 497566
01604 497566
5 Point Financial Planning Ltd
Suite S4
Moulton Park
Northamptonshire
NN3 6AQ
Suite S4
Moulton Park
Northamptonshire
NN3 6AQ
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