Term life assurance can save costs

Term life assurance is an affordable way of ensuring provision for your family after death, one insurance provider has highlighted.

Libra financial planning has pointed out that anybody can benefit from the term life assurance option of a life insurance policy, regardless of their marital status.

"The idea is you take out a specific amount of cover over a period of time, be it 10 years or 25 years, and you insure yourself for however much you need," explained a Libra Financial Planning spokesman.

"Should you die within that period, the life assurance company will pay up. It is a guaranteed sum of cash. If you don’t die, the insurer will keep the premium," he continued.

Figures published by Lifesearch reveal that there was an 18 per cent increase in life assurance business in 2006 from the previous year.