What does term mean?
aj3001
Posts: 730 Forumite
Just a quick question, when I'm looking at life insurance, what does it mean when it asks for term? Is it the length of contract I'm signing in for?
Is a longer term better or not?
Is a longer term better or not?
0
Comments
-
what does it mean when it asks for term? Is it the length of contract I'm signing in for?
Basically yes - the term is how long you want the life insurance policy to last for. There are two basic types of Life Insurance (Term policies and whole life policies.) Read Martin's article on Level Term Assurance HERE.
Regards
Michelle:hello: :hello: :hello:0 -
Thank you that was a huge help.
Just one more quick question, am I tied into the term of the life assurance? Or if I sign up for 20 years, can I say cancel after 5?0 -
You can cancel at any point during the term.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
-
Last question (I hope) So is it better to go for a shorter or longer term?0
-
You go with the term to cover the need.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
This discussion has been closed.
Categories
- All Categories
- 342.2K Banking & Borrowing
- 249.8K Reduce Debt & Boost Income
- 449.3K Spending & Discounts
- 234.4K Work, Benefits & Business
- 606.7K Mortgages, Homes & Bills
- 172.7K Life & Family
- 247.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.8K Discuss & Feedback
- 15.1K Coronavirus Support Boards