Term Life Assurance
At O’Sullivan Insurances we understand the importance of financial protection for your family.
What is Term Life Assurance?
Term Life Assurance cover gives you the peace of mind knowing that your family will be financially secure and provides a safeguard for your family from the financial hardship that comes with unexpected illness or death. With a Term Life Assurance policy you can set up this insurance to cover a specified period of time for the cover, when you feel your family are most dependent on you.
You will pay a set amount on a regular basis towards the policy for a set period of time between 2 and 40 years. If you die, the policy will pay out so that your dependents are cared for financially. The premium is also guaranteed never to increase.
You may be able to add extra benefits to a basic term policy for an extra cost. These benefits could include:
Serious illness cover- If you add this cover to your life policy, it means you could make a claim during the term of the policy if you were diagnosed with one of the serious illness covered.
Index-linking – this means the amount you are covered for increases in line with inflation each year. Typically, your cover rises by between 3% and 5% to keep up with inflation. Inflation would, over time, reduce the value of any money paid to your dependants so your premium goes up each year to pay for it.
Conversion Option – this option lets you convert your policy into a new policy before the end of the term without having to prove that you are then in good health. The premium for the new policy will be based on your age when you convert the policy. It means you will be able to continue your life cover when you are older, in return for paying a slightly higher premium now.