Insurance

If you are looking at putting some money away to help cover the costs associated with your death then chances are you will be considering term assurance. This is where you pay for a premium for a set amount of time, the eponymous term, at the expiry of which you are offered the chance of ending the policy or paying increasing premiums until your demise. This is different to other forms of life insurance in that the payout does not increase the longer the policy is held for.

The best way of finding the best term assurance policy for you is to speak to an independent financial advisor. These are people who are regulated by the financial services authority to provide fair and impartial advice over the best way to manage your money. The advantage in using an independent financial advisor over speaking to your bank is that the person at the bank is essentially a salesperson for the products and services of that bank and its associates. This means that although it is possible they may offer you the best term assurance policy for your situation, because they do not have access to the whole market this will be by fluke rather than judgement. They will simply offer you the best term assurance policy that they have to offer you, rather than searching the whole market. An independent advisor will be able to advise on the products every bank has to offer, and on which combinations would be the most lucrative.