Level term life insurance..term of the policy?

helen4377

I have been investigating level term life insurance quotes online and some have asked for the 'term' of the policy. I just assumed the policy would run for as long as I live? What should I put in this section?

Many thanks for any help you can offer.

poppy_f1

term assurance runs for a specific amount of years eg 10, 20 years etc and at the end of the term you get usually get nothing back

you need to work out how long you have the need for the cover - ie is it to cover a mortgage and make the term run the same length

helen4377

Thank you poppy. I guess I want the cover for the whole of my life but that is a little hard to predict I will need to give it some thought!

poppy_f1

whole of life cover is out there, but normally doesnt pop up on comparison sites as they work on a part life cover/part investment and they would have a cash in value so you would be better to speak to a IFA

Retired_I.F.A.

You can buy a whole of life policy which only pays out on death and never has any cash value but few people really have a need for whole of life cover.
Mr Average whilst single needs enough to cover funeral expenses and debts, then when an expectant parent the need goes through the roof but only till the child is self sufficient and of course that increases with each child.
When you buy a property you usually buy cover to redeem the mortgage but that is more of a want than a need. Then as old age approaches the mortgage paid off and the kids grown up any cover need thereafter reverts to the single guys scenario. The older generation usually look to whole of life again as a want rather than a need when considering what they'll leave behind them and the tax implications of their estate.