Term Life Insurance

Term assurance provides low cost life and/or serious illness cover for a fixed premium over a specified term of years. The cost and the sum assured remain fixed for the entire term. If you are still alive at the end of the term, then the policy simply lapses. All your contributions go towards protection, which means that there is no surrender value on a term assurance plan. This keeps the cost to a minimum. The contributions to your plan are specified at the outset of your policy, so you know from the start the cost of your protection.

Convertible Term Assurance
This provides the same basic insurance cover as level term assurance, but with an option to convert the policy into another type at a later stage without having to undergo a medical examination or additional proof of good health at that time. The extra cost for convertible term compared with level term is typically about 5-10% depending on age and smoking status.