An overview of the different types of term assurance Term assurance may be taken out on a 'renewable' basis which means that a further policy may be taken out with the same provider, irrespective of the health of the life assured, before the end of the original term; or on a 'convertible' basis which means that the policy may be converted to, typically, a whole of life assurance or endowment plan with the same provider, irrespective of the health of the life assured, before the end of the original term. Term assurance may also be arranged with 'family income benefit', where the policy pays a pre-defined income to the dependants upon the death of the life assured for the remainder of the term of the plan. With some companies it is also possible to arrange for the sum assured to increase, by a specified amount each year, during the term of the plan. The increase in sum assured may be obtainable for an extra cost. The sum assured may be paid out either on diagnosis of a critical illness or death. Some plans may pay out benefits on both events. Most term assurances have no investment element. For more information select from the products below: Level Term Assurance Decreasing Term Assurance Critical Illness Cover This site is intended for persons aged 18 and over who are resident in the United Kingdom. Any information in this site is based on our understanding of United Kingdom law and Inland Revenue practice and is subject to change. This site is not intended to provide advice, merely information. The FSA may not regulate all mortgages or loans and does not regulate taxation. Should you wish to benefit from personal advice, please Seek Advice. Alternatively you can Buy On Line.

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