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Term Life Insurance is vital for the protection of one's family. If the Term Life policyholders die whilst the policy is in force, their family or other beneficiary receives the entire death benefit of the policy.
In the UK, Term Life insurance is available for periods lasting anywhere from one to thirty years. Premium payments can be setup to occur either on a yearly or monthly basis. It is very important to keep up to date on premium payments to avoid a lapse in cover. In most cases, when the end of the policy term is reached, the policyholder is given the option to either renew the term policy for another period of time or to convert their policy into a Whole Life product.
There are a few different options with the Term Life policies available to UK buyers. The Level Term policy keeps the premium payments at the same amount throughout the life of the policy. The policy's death benefit, however, is subject to be worth less because of inflationary issues. In that case, an Increasing Term policy might make a better choice.
In an Increasing Term policy, both the premium payment and death benefit increase over time either by a set percentage, or by a percentage determined by the variable retail price index (RPI). These kinds of policies provide protection for the beneficiary against inflationary issues or other unforeseen financial difficulties.
The Convertible Term policy type is designed specifically to be converted to a Whole Life policy from a Term Life policy either at the end of the original term, or sometimes even during the policy period itself. If someone is expecting a financial windfall within the next few years, they would benefit from a Convertible Term policy, as that windfall can be used as part of any additional premium required at the time of conversion.
A Short-term insurance requirement is perfect for the Renewable Term policy type. It is designed specifically for shorter periods of time with the usually larger premium payment and flexible death benefit options reflecting that. It is a useful insurance type for someone who is changing jobs, while remaining dependent on a life insurance benefit provided by their now former employer.
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