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Term Life Cover is an Affordable Way to Insure Your Life

Jul 4, 2008
Term life cover is one of the most affordable ways of insuring your life and leaving something for your loved ones to fall back on. It is the simplest form of insurance you can take out to protect yourself and if you shop around and compare premiums for the protection then it does not have to cost a fortune. If you need additional cover then you can also add this in.

Level term life assurance can be taken as a single policy or sometimes you can add in cover for your partner and this could work out cheaper than taking separate policies. There are also different forms of term life cover that you can consider taking out depending on your circumstances.

The most basic form is to choose the level of protection that you need and then pay the premium which will be based on certain factors. These will include how old you are when you go for the cover. The younger you are then the cheaper the premiums will be. Your health will also be taken into account when deciding how much the insurance would cost. Those who have certain on going health problems such as asthma would pay more out for the cover than someone who is fit and healthy. Even your weight is taken into account when deciding the premiums for the policy. Someone overweight will be seen as a bigger health risk and so will have to payout more for premiums for their cover than someone who is seen as the ideal weight for their height. You will then pay this premium for the stated time of the policy which is usually so many years and if you pass away during this time your family will get a lump sum payout. If you outlive the cover then the policy will simply stop and you will have to take out more life insurance.

If you wish to take a renewable term policy then you will be able to take the option after a certain period of time to renew the cover without having to fill in all the information again such as the state of your health, however is usually only up to a certain age.

Decreasing term insurance can be taken out and this usually works alongside a mortgage where the outstanding mortgage would be paid out to your family so they would not have to struggle to pay it. The payout would decrease in line with your mortgage and the premiums that you would payout would usually remain the same while you were paying the cover.

You could also choose to take out increasing life cover; this form of insurance would increase by a percentage on both the amount that paid out and what you pay in premiums each month. This form of life insurance is ideal if you want to keep up with the increase in your earnings.

Whichever form of term life cover you are considering taking you would have to read the small print in the terms and conditions very carefully as all policies will have some exclusions. If you have not read these and some of them apply to your circumstances then you could find your life insurance policy would not payout.
About the Author
David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best deal on their life insurance, critical illness cover and home and motor insurance.
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