Renewable Term Life Insurance

Renewable Term Life Insurance involves renegotiating the terms of your Life Insurance policy at the end of a pre-agreed period, which may be a year or anything up to 30 years. The idea behind choosing Renewable Term Life Insurance as opposed to a level or decreasing term policy for a longer period of time is that you will be eligible for cheaper premiums while you are younger and healthier (and therefore statistically less likely to die).

If you choose a Renewable Term Life Insurance policy, you need to consider the length of term you would initially like the cover to last. If you choose a slightly longer period of cover, you're likely to receive a better deal because you are committing to that insurer for a number of years. However if you need the flexibility and feel that you're likely to be able to reduce your premium costs in a year or two, you should choose this option. Whichever option you choose, make sure that the premium price you are offered lasts for the entire length of the term (rather than being an attractive introductory rate) and ensure that you are aware of any exclusions that would invalidate or limit the cover of your Renewable Term Life Insurance policy. If you would like to go through your options with an experienced Life Insurance adviser and find the best deal for you, please complete the short form on the next page.

Get a no-obligation Renewable Term Life Insurance quote today!

Important Tips for Buying Life Insurance

• Life 'Insurance' is different from Life 'Assurance' because it is not a certainty.  You would insure yourself against something unexpected happening, but would take out Assurance to minimise your financial exposure to something inevitable.

• If you take out any type of 'Term' insurance product, this means that you are choosing a set period of time when your cover will be active.  Beyond this period, your cover is no longer valid.

• The policy will be cheaper the less 'risky' you are to an insurer.  If you smoke, are in poor health or enjoy high-risk sports, statistically you are more likely to die, and therefore the cost of your premium will be higher.

• Joint policies for couples should be approached with a certain amount of caution.  The average joint policy pays out only after the first person dies, but for a relatively small amount more you could get separate policies with two payouts, which would have a greater benefit for your family (especially when you consider the expense of inheritance tax).