Convertible Term Assurance

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Key features

Convertible Term Assurance is a life assurance contract which pays out a fixed sum of money if you due during the term of the contract. It is designed to help you protect your dependants against financial problems in the event of your death. It can, in most cases, also be converted to a full endowment or whole of life contract at any time.

Aims

• To provide a fixed lump sum on death within the plan term.
• To give the option to convert part or all of the life cover under this plan to certain other types of life insurance without further evidence of health.

Your commitments

• You agree to pay a regular premium for the term of the plan or a single premium at outset. Regular Premiums may be paid monthly, quarterly or yearly.
• Plans with a term of one year or less must be paid for by a single premium.

Risk Factors

• This plan has no cash in value at any time.
• If you stop paying premiums the life cover will end.