A Guide To Life Insurance - More Term Assurance Information For 2015 ....

 

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More Term Assurance Information For 2013...

On the whole, it would appear more practical to use an option-inclusive plan and review your commitments at regular intervals rather than to undertake an open-ended commitment to a policy which may not correspond with your needs in future years.

Another option that has become increasingly popular in recent years is convertibility.

Convertible term assurance is level term assurance which may be converted to an endowment or whole-life contract, usually at specified dates or within a certain number of years of taking out the policy. see http://www.moneysavingexpert.com/insurance/level-term-insurance

This type of policy is particularly aimed at the younger person who cannot now afford the much larger premiums on investment-oriented policies and whose immediate need is for protective cover. Since the extra cost of the option is about 15-20%, it does not restrict the amount of cover the younger family man can afford, while providing him with the guarantee of long-term insurability.

Of course, for the majority of young men aged up to 30 such an option may not be especially valuable at that time.

But as the years progress and the chances of illness increase, the guarantee incorporated in the convertibility - that of being able to take out a long-term investment-oriented policy at the normal rates for the age at conversion without medical evidence - becomes more and more valuable.


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Read On: click here for Further Term Assurances Case Study


John Brock took out a convertible term assurance over 15 years with a sum assured of £220,000 when he was aged 30 and in good health.
Ten years later he suffered a coronary thrombosis.
This meant that if he had had to take out a new policy in the ordinary way the company would have required a medical report and would have charged an increased premium for any policy he wanted. (It could even have refused to provide any further cover.
) For a 20-year with profit endowment........ see: click here for Further Term Assurances Case Study


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