Term assurance
This is the simplest and cheapest type of life insurance, and is known as term insurance because you choose how long you’re covered for, say, 10, 15, or 20 years for example (the term). It can be on a level or decreasing basis.
Term insurance only pays out if you die within the term you’ve agreed. If you live longer than the term, you get nothing. As a couple, you can also take out term cover in both your names, with the policy paying out if either of you die during the term.
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