Family protection insurance is a term assurance policy, often referred to as life insurance, that is designed specifically to provide cash either by lump sum or regular payments in the event of death during a specified period of time.

Family protection policies have no surrender value at any time. If no claim is made the policy will cease at the end of the term without value. The cost of this type of life insurance is lower than ‘whole of life’ policies for a given amount of cover. Family protection policies will normally be for a set term.

Level Term Assurance

Level term assurance is where the amount of life insurance, or sum assured, remains level throughout the term of the policy. If you are taking out life insurance to protect your loved ones in the event of your death you may consider level term assurance to ensure that the level of protection remains constant.