Term Assurance is the most basic form of financial protection. The policy provides a lump sum on the death or diagnosis of terminal illness of the life assured within the policy term.
There are many reasons why Term Assurance cover should be considered, including:
To protect liabilities such as a mortgage.
To protect your family against financial hardship.
To protect friends or relations by taking out a policy on the life of another person.
For short-to-mid-term inheritance tax liabilities.
The policy can be adapted to suit your needs with regards to term and sum assured, taking into account affordability. The policy can be taken on a single or joint life basis. There are other options you can select such as waiver of premium and increasing or decreasing cover.
EFPG recommends that you do speak to a financial adviser when deciding upon what cover you consider to be appropriate. Policies can be altered after they have been commenced but to get it right first time may save you a considerable amount over the years.
Once your policy has been approved and is active you will not have to provide any updates with regards to your health, so you can relax knowing that your protection is in place.
The two examples below are for policies that require no additional underwriting, so are for healthy individuals with no family histories of illnesses.