Low Cost Term Life Insurance Uk - Term Life Insurance

Election special: The politicians and the pound in your pocket Daily Mail

01.05.10

The Tories would also water down Labour's proposed National Insurance increase, which they brand a 'tax on jobs'. They would alter NI thresholds, saving employees on incomes of up to £45,000 a year £150 in tax. And virtually all employers would pay less, relative to Labour's plans.

Other moves appealing to their core supporters include an end to the rule that forces pension savers to convert their funds into an annuity at age 75 and a promise to raise the threshold at which inheritance tax applies from £325,000 to £1 million.

The Conservatives also promise to restore the ability of pension funds to reclaim dividend tax credits, which could boost the value of private and company pensions. But there is no date on this commitment, which can be only when public finances allow. 
There are also proposals for a free national financial advice service, paid for by a levy on the financial sector, and tougher legislation on store cards and credit cards. But there is

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What are the Advantages and Disadvantages of Term Life Insurance?

When you’re shopping around for life insurance coverage there is one big decision that you have to make before you look for quotes- which type of life insurance is right for you? There are several options, but the most common types of life insurance available are term life insurance and whole life insurance. Term life insurance is temporary life insurance because it lasts for a certain time, or term. Whole life insurance is permanent insurance that will last for your lifetime. They are very different forms of life insurance coverage. Term life insurance is more affordable, which is the reason why most people opt for this type of coverage.

What are the Advantages of Term Life Insurance?

•    Very low cost compared to whole life insurance.
•    Large amount of protection can be purchased at affordable rates.
•    Option to choose from many different terms or periods of coverage – 1, 5, 10, 15, 20, or 30 years.
•    Best choice for temporary protection needs, such as your mortgage, college tuition, or a car loan.

What are the Disadvantages of Term Life Insurance?

•    Premiums increase at each renewal (the older you are, the more it costs).
•    Term insurance does not build cash value.
•    Coverage ends when your policy term expires.

Although term life insurance only offers coverage for a term, the benefit is that it is very affordable. You can adequately protect your family during the years when you need the most insurance. For example, if you are 35 years old, married with children, and you have a mortgage then you will probably want to have a large amount of life insurance. You should have enough to pay off your mortgage and other debts, pay for your children’s college tuition, and replace your income for the next 10, 15, or 20 years. You can get a $2,000,000 thirty year term life policy for about $1800 per year if you’re male and $1400 per year if you’re female. That’s a lot of insurance coverage for a reasonable amount of money. If you were to choose whole life you would easily pay 3 to 4 times as much for the same amount of coverage.At the end of 30 years, your obligations will be much less so you can opt for a much smaller insurance policy.

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