Life Assurance Term Quotes - Birmingham & the West Midlands.

There are four main types of life insurance:

• Term Assurance: The simplest form of insurance which pays out a lump sum if you die during the term of the policy.
• Family Income Assurance: this scheme can provide either an income for your dependents or a lump sum if you should die during the term of the policy. You should note that the income is only paid for the term remaining on the policy, so you may need to make additional arrangements to go on providing an income after the policy expires.
• Whole-of-Life Assurance: this type of policy is designed to pay out at the time you die whenever that should be. As long as you maintain the policy there is a guarantee that, on your eventual death, the sum assured (level of Life Assurance cover) will be paid to your Estate.
• Premiums are usually paid monthly, occasionally annually but must be maintained in order to ensure cover remains in place.
• Endowment Assurance: Not only do endowments provide Life Assurance protection should you die during the term of the policy, but should you survive to the end of the policy term then you may also receive a lump sum. This lump sum is known as the maturity value. As there is an investment element within Endowments, higher premiums are required to provide for similar levels of Life Assurance protection than an equivalent Term Assurance or Whole of Life policy.

The premiums for Life Assurance policies vary according to your personal circumstances such as age and medical history. Also, your choice of Life Assurance Company can have an impact on the level of premium required.

Pension plans - personal or occupational - sometimes include Life Assurance, which would be payable if you died before reaching the retirement age set within your pension plan. Often in the case of occupational pension schemes the cover is expressed as a multiple of salary. Known as Death in Service.

If your Life Assurance is arranged through an occupational pension scheme offered by your current employer, you must seriously consider starting a new policy, to replace the cover, if you leave your job. This is especially important, as an interim measure, should your new employer only provide Life Assurance protection once you have completed a period of time (e.g. a probation period).