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Term Assurance (Life)

Term life assurance is the cheapest, most basic form of life assurance. It covers you for a fixed period and pays out a one off lump sum if you die during the policy term. With some term insurance policies you can add on additional options, like critical illness cover. If you do add on critical illness cover, the plan will pay out once on diagnosis of a qualifying critical illness or if you die during the term of the policy.


If you want to leave a cash sum to your family, dependants or to pay off a mortgage after you have died, term assurance could be right for you.

Term life assurance is one of the most affordable type of life insurance.


More expensive than decreasing term insurance for mortgage protection.

The policy only pays out if you die or are diagnosed with a qualifying critical illness, if you add on critical illness cover, during the term of the plan. If you survive beyond the end of the term the policy has no maturity value.

Term life assurance pays a lump sum in the event of death within a specified period of your choice (known as the 'term'). Premiums are normally paid monthly though some policies allow annual pay annually.

There is no investment element with this form of life insurance, as such if no claim has been made there is no maturity value payable at the end of the term.

Term life assurance is the cheapest and simplest form of life insurance. You are covered for as long as you pay the monthly premiums. If you stop paying the premiums, the policy will lapse and you lose the vital cover.