Guaranteed Term Life Insurance
Guaranteed Single Life Term Assurance is designed to provide a lump sum to a named beneficiary or your estate in the event of your death during the term of the policy. If you do not die within the term of the policy, no benefit is paid out and the policy ends.
If you are in a relationship and have dependants a Joint Life or Dual Life policy may be more appropriate. A Joint Life policy is designed to cover the lives of two people and will pay out the lump sum benefit when the first of the two lives die.
A Dual Life policy also covers two lives on the same plan however it will pay a separate lump sum benefit on the death of each life.
A Conversion Option can be added to a Guaranteed Term Assurance plan. This option will allow you to extend the term of your original policy at any time before the policy expires without the need for any additional medical underwriting. The cost of the converted plan will be based on your age at the time of converting and the acceptance terms given on the original plan.
Adding indexation to your Term Assurance plan allows you to protect against the effects of inflation on the real value of your benefits over time. Premiums and levels of cover increase annually based on a pre- specified percentage on the policy anniversary date.