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Term Life Insurance Information

We provide term life insurance for family protection, mortgages and business protection. Term life insurance is set up for a specified number of years which you decide at the outset. Once the number of years has been completed the term life insurance comes to an end without value. This type of life insurance is therefore designed to cover a specific risk for a specific period of time.

The policy can be set up to cover a single life or joint lives. If the term life insurance is set up to cover joint lives the plan will come to an end on the first to die. The proceeds are automatically paid to the survivor under the term life insurance plan. Most term life insurance plans can be set up with the premium protection option or waiver of premium. A small additional cost is involved for this feature.

When added to your term life insurance plan it protects payment of the premium should you be unable to work due to illness for more than 6 months. The life insurance company will pay the premium for you until you are able to resume normal employment. The feature can be set up to cover you for your normal occupation or any occupation.

Term life insurance plans can be set up on the life of another basis or in trust. If it is set up on a life of another basis the applicant has to prove that they have an "insurable interest" in the life assured. For example, a wife automatically has an insurable interest in the life of her husband. If the term life insurance plan is set up on the life of another basis the proceeds are paid to the applicant outside of the life assured's estate. This has the added advantage of mitigating any potential liability to inheritance tax on the estate of the life assured.

If the term life insurance plan is set up under a trust the proceeds are paid to the trustees who then have a legal obligation to pass them on to the beneficiaries as specified in the trust deed. Normally a flexible power of appointment trust is used for term life insurance but other trusts are available depending on what the life assured wants to achieve. The proceeds of the term life insurance plan are paid outside of the life assured's estate thereby having the advantage of mitigating any potential liability to inheritance tax. Another advantage is that the proceeds can be paid quickly without the need to prove probate through the courts.

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Term Life Insurance

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