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Term Life Insurance explaination. Page 2

Medicals are not normally required, although in some circumstances a report may be required from

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your doctor. Always complete any application honestly as failure to do so will result in the insurer refusing to pay on the event of death.

Additional options can be added to increase the level of cover, although this in turn increases the monthly premium.

Additional options to be considered include:

Critical Illness: a lump sum is paid in the event of diagnosis of certain critical illnesses. You can save money by combining term insurance with critical illness cover. However, depending on the policy type, this may provide a single payout should death follow a ( secured loans ) critical illness diagnosis, rather than two payouts if cover is obtained separately.

Terminal Illness: the lump sum is paid early on diagnosis of a terminal illness. This allows you to make arrangements for your dependents whilst you are still alive.

Waiver of Premium: if illness prevents you from working your monthly premiums are paid on your behalf for a predetermined period. Check your policy for the permissible period of premium non-payments.

Counselling: counselling may be included to help your family cope with your death.

Guaranteed Premiums: guaranteed premiums ensure that the premiums remain the same throughout the duration of the policy term. Alternatively 'reviewable premiums' require ( personal loans ) the premiums to be reviewed periodically, typically every five years, meaning that premiums can increase dramatically following review.

The terms and conditions of policies vary significantly, so make sure you understand the scope of the cover being offered before committing yourself. Always take professional and independent financial advice before taking out a life insurance policy.