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Term Life Insurance Policy

A look at five different types of term life policy and their respective benefits.

Picking a term life insurance policy is tricky because there are so many variants on the theme- for example renewable policies which can be extended without a medical, or convertible policies which can actually be swapped into whole-of-life plans!

If you want a term life insurance policy, you’ve got plenty more choices than you might think. Here’s just a selection of the delicacies on offer.

Plain vanilla- Otherwise known as level term assurance, premiums are fairly low, and you’re covered for a set term; usually 3 to 10 years. Die during the term, and your estate will receive a fixed lump sum.

Renewable- if you were to fall ill after the end of a level term policy’s term, you’d be classed as uninsurable. You couldn’t get a new term life insurance policy. Renewability allows you a guaranteed renewal without any medical examination should you want to extend the policy. It’s a case of plan now and see the benefit later.

Convertible- this allows your plain vanilla level term policy to be converted, if you so wish, into a whole-of-life policy at a later date. It’s a good protection against a change of circumstances- perhaps ideal for a single person who might marry and have children sometime during the term.

Family Income Benefit- is just like a standard term life insurance policy, but instead of paying out a lump sum, it generates a regular income for your dependants, for the rest of the life of the term.

Inter-vivos- this is a term plan designed specifically for inheritance tax planning. It’s a decreasing term policy which specifically covers the inheritance tax liability of an asset transfer across the seven years during which it might attract IHT.