Term Assurance – Designed to pay a tax free lump sum in the event of death during a specified period in return for a fixed monthly, or annual, premium. At the end of the term the policy ceases without a maturity value. As a result this is the cheapest and simplest form of life cover available. It is available as Level and Decreasing cover.

Level - provides a lump sum which will remain constant during the term of the plan.

Decreasing - provides lump sum payment which decreases during the term of the plan.  This can also be called Mortgage Protection as it is particularly suitable for Repayment Mortgages.  

Family Income Benefit – is another form of term assurance. It will pay a regular monthly income in the event of death to your spouse or dependants for the remainder of the term of the policy.  As it suggests it is suitable for Family Protection purposes.  

Critical Illness - This is an optional extra under all Term Assurance Plans which allows for the lump sum to be paid in the event of diagnosis of certain critical illnesses, such as Heart Attack, Stroke, Major Organ Transplant, Blindness, Total & Permanent Disability etc.

Guaranteed premiums offer the most security, as the premium charged for the Life or Critical Illness cover will never change during the term of the policy; however they are slightly more expensive than reviewable premiums.

Reviewable premiums are more affordable initially however premium levels are normally reviewed on a regular basis after the first five years and may increase thereafter.

Terminal Illness - This means that the sum assured will pay out if you are diagnosed as having less than 12 months to live – effectively an advance payout. This is normally included at no additional cost. Terminal Illness should not be confused with critical illness which is a different more comprehensive benefit.