Its aims

Level Term Assurance aims to pay a guaranteed lump sum if you die during the term of the plan.

What is a Level Term Assurance?

This plan is designed to provide you with a guaranteed benefit payable on death. The plan can be set up on a single or joint life basis, usually with your spouse or partner. It is also possible to take out the plan on a life of another person, provided an insurable interest exists between you and the other person. You will only have an insurable interest if in the life/lives assured if you will suffer financial loss on their death.

The plan can also be suitable for businesses and partnerships that wish to safeguard themselves against a potential financial loss if one of the principals of the business were to die.

Potential Optional Benefits

Terminal Illness Cover

This is often included at no extra cost and would pay out the benefits of the plan if you were diagnosed with a terminal illness during the term of the plan (excluding the last 12 months). Terminal Illness is defined as advance or rapidly progressing incurable illness where, in the opinion of an attending consultant and the insurance companies chief Medical Officer, the life expectancy is no greater than 12 months. After a claim your plan will cease.

Critical Illness Cover

Critical Illness cover would provide the plan benefits on diagnosis of a wide range of critical illnesses. The amount of benefit paid would be the same amount than your basic death benefit. After any claim the plan would cease. This benefit would be at an additional cost and increase your basic premiums.

Waiver of Premium