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- Life insurance for a specific length of time or 'term'
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What is Term Life Insurance?
Term Life insurance also known as Term Assurance is a type of life insurance policy that offers coverage for a specific period or a defined ‘term’ of years. In the event of the insured person passing away during this time, a death benefit will be paid out.
Term insurance is significantly more cost-effective when compared to permanent life insurance, such as whole life. Term insurance isn’t designed to provide coverage throughout your entire life but a specified time frame.
Types of term life insurance:
Monefi offers three types of term life insurance policies –
Decreasing Term Life Insurance:
Decreasing term means that the amount the insurer pays out will decrease over time. This is used when a debt will also reduce over time. For example a mortgage. The policy is designed to stay in line with the remaining balance owed for the same length of time as the mortgage.
Level term life insurance:
Level term life insurance provides a fixed sum insured that remains the same throughout the term of the policy. This type of policy is often used to provide financial protection for your loved ones and can be suitable for various purposes, including income replacement or covering specific expenses
Increasing Term insurance:
With increasing term life insurance, the sum insured increases gradually over the policy term. This is usually done to keep pace with inflation or to account for rising living expenses. It ensures that the policy's payout maintains its real value over time.
Note: Each type of term life insurance is suited to different financial situations and needs. Hence, before considering term life insurance, book a free consultation with Monefi’s insurance expert to get answers to all your questions. Get clarity and make your smart choice with Monefi!
How do I know if I need term life cover?
It’s very simple, answer these 4 questions and you’ll clear your doubt.
Note: The cost of term life insurance increases with age, and it may be more affordable to secure coverage when you’re younger and healthier. The sooner the better!
Do you have family members or loved ones who rely on your income to cover their living expenses?
A Term life insurance policy can provide financial security for them if you were to pass away.
Do you have any outstanding debts such as a mortgage, car loans, or personal loans?
Term life insurance can help ensure that these debts are paid off if you’re no longer there to make the payments.
Do you have young children?
Term life insurance can be essential to provide for their education, childcare, and other financial needs.
Are you a business owner or have business partners?
Term life insurance can be used to fund a buy-sell agreement, ensuring the smooth transfer of ownership in the event of your death.
Do you have family members or loved ones who rely on your income to cover their living expenses?
A Term life insurance policy can provide financial security for them if you were to pass away.
Do you have any outstanding debts such as a mortgage, car loans, or personal loans?
Term life insurance can help ensure that these debts are paid off if you’re no longer there to make the payments.
Do you have young children?
Term life insurance can be essential to provide for their education, childcare, and other financial needs.
Are you a business owner or have business partners?
Term life insurance can be used to fund a buy-sell agreement, ensuring the smooth transfer of ownership in the event of your death.
Additionally, Term life insurance can be used as part of your Estate Planning strategy to leave a legacy or cover potential inheritance tax liabilities.
What Does a Term Life Insurance Quote Consider?
When obtaining a term life insurance quote, several factors are taken into account to determine your premium:
Age:
The sooner the better! Younger individuals typically pay lower premiums for term life insurance.
Gender:
Statistically, women tend to have longer life expectancies. Which means if you are a woman there is a possibility of you getting lower premiums.
Health:
Your overall health, including factors like your medical history, current health status, and any pre-existing conditions, can have an effect on your premium amount.
Smoking Status:
Smokers often pay higher premiums as compared to non-smokers due to the health risks associated with smoking.
Coverage Amount:
It’s simple and has a direct relationship. The higher the coverage amount (death benefit), the higher the premium.
Policy Term:
The length of the term you choose (e.g., 10, 20, 30 years) will affect your premium directly.
Lifestyle and Hobbies:
Risky hobbies or lifestyles may result in higher premiums. This can be elaborated on further on speaking to one of Monefi’s insurance experts. Book your call below.
Occupation:
Just like hobbies and lifestyle, some occupations with higher risks may lead to increased premiums.
Consult our insurance experts as it’s always better to get more clarity on insurance matters. Our insurance professionals shall simplify the process and help you make more informed and smart decisions for your specific circumstances.
The lady who I spoke to was brilliant. She was lovely and pleasant whilst being professional and fully informative. She was not pushy at all. She certainly had the right attitude and was engaging. If everyone was like her it would be perfect.
Christine Notley
This was the easiest transaction I’ve had in a long time, the customer service was amazing and very helpful and nice to talk with, would highly recommend the company to friends family etc, fantastic customer service. 5 stars from me.
Zoe Mary Hall
Mr Gower was very professional and found the right cover for me. He was polite and engaged in conversation, explained everything easily.
Callum Dobson
Term Life Insurance vs Whole of Life Insurance
Term Life Insurance
Term insurance provides life coverage for a specified duration. Should you pass away within this set time frame, the policy guarantees a lump sum payout.
Whole Life Insurance
Whole of life insurance remains in force for the duration of the policyholder’s life. Upon the policyholder’s death, it guarantees a lump sum payment to their family or beneficiaries.
