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All types of Life insurance fall into one of the four groups explained below, which type you use depends on the type of risk you wish to protect and the funds you have available.
Term Assurance
Cash lump sum paid out in the event of death
Straight term assurance is still a very cost-effective way of providing financial protection for the family or business. A lump sum is normally provided when a claim is made which is paid into the estate of the policyholder.
In order to avoid complications with delays in probate or inheritance tax, an appropriate trust can be used so that any payment is made direct to the beneficiaries.
It is also possible to have the cover indexed according to inflation, so that the level of cover remains the same in real terms. Since there is no element of saving, the plans do not acquire a surrender value. If you wish to include this option, you could opt for convertible
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