Term Insurance

Dee*reamer

Could someone be kind enough to explain what Term insurance is in a nutshell, and is it wise to take it out as a life insurance on my o/h.

He's a smoker, so I'm trying to find a life insurance that is affordable and it's a minefield out there.

Any help would be appreciated.

dunstonh

Could someone be kind enough to explain what Term insurance is in a nutshell

Term assurance is the generic name that covers around 7 or 8 different types of life assurance. Basically its a life assurance set up for a specific term. i.e. to cover a mortgage or family protection until children are 23 or spouse income until retirement age etc.

is it wise to take it out as a life insurance on my o/h.

If you have a financial need for it then yes. the simple question to ask yourself is whether you would be financially worse off in the event of his death (or vice versa).

Dee*reamer

Thank you dunstonh, yes I would be financially worse off if he died as he's the only bread winner, but at the same time our income is low so I can't afford high premiums so I'm a little bit flummoxed as to what is best!

Thank you for your help !