Term Life Insurance
We’d all love the flexibility to choose a life insurance policy that fits our exact needs. If you’re paying off a mortgage, raising a family, or planning for your children’s education, then read on. Term life insurance may offer the protection you seek.
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What is Term Life Insurance?​​​
Term life insurance, sometimes called level term life insurance, is a policy that covers you for a set period, such as 10, 20, or 30 years. If you pass away during this term, your beneficiaries receive a payout.
Put simply, it’s one of the best ways to ensure financial security during crucial years when your loved ones depend on your income.
As of 2024, 84% of those with life insurance have term life insurance. The most common term periods for these policies are up to 20 years (31%), up to 10 years (21%), and up to 30 years (18%)
Benefits of Term Life Insurance​​​
Term life insurance offers several benefits:
  • Affordable Premiums: Generally, term life insurance premiums are lower than whole life insurance because it covers a specific period.
  • Flexible Coverage Options: You can choose the term length that fits your needs, whether it’s until your mortgage is paid off or until your children are financially independent.
  • Simple and Easy to Understand: Term life insurance is straightforward without the complexities of cash value accumulation.
  • Customisable: Options include level term life insurance, where the payout remains the same throughout the term, and decreasing term life insurance, where the payout decreases over time, typically aligned with a mortgage.
31%
The most common term period (31%) for those with life insurance is up to 20 years
21%
The second most common term length (21%) is up to 10 years
18
The third most common term period (18%) is up to 30 years

What Affects the Cost of Term Life Insurance?

Several factors influence the cost of a term life insurance policy:
  • Age and Health: Younger, healthier individuals typically pay lower premiums.
  • Coverage Amount and Term Length: Higher coverage amounts and longer terms result in higher premiums.
  • Lifestyle Choices: Habits like smoking or high-risk hobbies can increase your premiums.
Term life insurance quotes can vary, but with the right advice, you fairly easily find a policy that provides essential coverage at a price that fits your budget.
Common Questions About Life Insurance
Term life insurance covers a specific period, ideal for temporary risks like a mortgage. Whole life insurance covers you indefinitely, ensuring a payout whenever you pass away.
Yes, you can hold multiple policies to meet varying needs, such as extra coverage during financial changes.
In most cases, life insurance payouts are not subject to income tax, making them an efficient way to provide for your family.
Life insurance is worth considering at any age. A payout can cover major expenses like a mortgage, reducing the financial burden on your loved ones.
Is your current policy fit for purpose?​​

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Review Regularly: Ensure your policy remains suitable with regular reviews as your life changes.

Our dedicated team of expert brokers are on hand to help you find the best term life insurance for you and your family. Connect with us below to get all the information you need to make an informed decision regarding your term life insurance.
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