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Why Buy Life Cover?
Life cover gives the peace of mind that if you die whilst the policy is in force, the benefit amount is paid to your estate. There are many reasons why a lump sum of money at this time is very much appreciated and life cover provides a financial safety net for your loved ones. Financial worries can add to the grieving process so planning ahead for these unfortunate eventualities is kind and sensible for those who depend on you.
What is Term Life Insurance?
Level Term Insurance provides you with the opportunity to purchase life cover over a fixed period of time for a fixed amount at a fixed premium. You purchase term life to provide cover for a guaranteed number of years. Level Term refers to the fact that the amount of benefit paid and the amount of premium charged remains the same over the duration of the term. This is different from Decreasing Term. Commonly Decreasing Term Life Insurance is used to pay off mortgages following death. The amount covered decreases in line with the mortgage but payments remain the same over the term.
What is Return of Premium Term Life Insurance?
A happy win win situation. If, as we all hope, you are still living and have kept the policy in force to the end of the Policy Term, the premiums paid during the policy term are returned to you as a cash lump sum.
How long should the Cover be for?
ACE do not offer advice but there are a number of things that you may wish to bear in mind when choosing the term and benefit level
- The number of years left on your mortgage, if you wish to have some of it paid off at the time of your death.
- The number of years left on a personal or business loan that you would like to insure.
- The number of years left until your children leave home
Quite a few people choose a term life insurance policy that provides cover long enough to get their children through their education. The returned premium is a useful sum that can be used for the children or to treat yourself.
Putting the policy into trust
If you want the benefit amount to be paid to a specific person should you die, you will need to arrange through your solicitor to have the policy put into trust.
View the 
Trust Factsheet