17:12, Sun 5th February 2012
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Level term assurance
Term Assurance is designed to pay out a lump sum or monthly income in the event of death or, if selected, a defined critical illness. The premiums are normally lower than other types of plan such as Whole of Life insurance, because Term Assurance covers you for a set period of time.
If you make a valid claim during the period then it will pay out, however if you do not make a claim then cover will cease at the end of the term, and you will not get anything back.
Level Term Assurance covers you for a set amount over the term and the amount of cover, and the premiums, stay fixed throughout that term
