Their are many things certain in life, death and taxes being two of them.
Another one to add to the list ironically is, uncertainty. We can never be sure that life will
go in a straight line and what we may hope for, will come to us. Our health in particular is often taken for granted but for reasons not known to us, taken out of our control. Convertible Term Assurance is designed to assist with changes to your personal or financial circumstances.
Primarily this is a Level Term Assurance plan, however at any time during the term of the plan you can convert any portion of the policy to a whole of life policy or endowment plan without any further medical evidence required.
Reasons to convert to a whole of life policy
- Condition of health would mean you being charged a loading (increase) to the standard premium of a whole of life plan.
- A policy is required that offers life cover for the rest of your life, not just a specific time period.
- A life policy is required and you want the plan in force quickly, without any delays caused by underwriting or medicals.
A convertible term assurance plan offers a flexible option through the term of the policy. Should the option of converting into a whole of life policy be taken, the premium will increase in line with rates at the age you are at the time.
Example of rates for Convertible Term Assurance
- Plan benefit £150,000
- Level Convertible Term assurance
- Term 25 years
- Age next birthday 31
- Male or Female
- Non smoker £9.65 per month
- Smoker £15.95 per month
As above except
- Age next birthday 26
- Non smoker £8.00 per month
- Smoker £12.10 per month
Rates correct as at 25 July 2013
For more information or you wish to discuss further please contact:
Tel Number: 01708 640855
Authorised and regulated by the Financial Conduct Authority