A Term Life assurance plan is the most basic and cheapest form of arranging life cover.
This plan will be covered for a fixed period, which is usually the term of your mortgage.
You can add additional options, such as Critical Illness cover. See Critical Illness section which explains more.
Who is it for?
A Term Life assurance plan is designed for those who want to leave a lump sum in the event of their death within a specified time period whilst keeping the cost to a minimum.
This can be used to cover your mortgage, other loan(s) or to ensure that your family is protected.
This plan is particularly important if you have young children or dependents which can protect your family from any financial implications in the event of a personal tragedy.
These plans have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
If taken with Critical Illness, these plans may not cover all the definitions of a critical illness. The definitions vary between product providers and will be described in the key features and the policy document if you go ahead with a plan
We at Homestraight Mortgages Limited can offer our services through our advisers who can assist & help you find the best plan which meets your requirements.