Term assurance is the simplest type of life insurance. A term assurance policy pays out an agreed amount (the sum assured) to your dependents if you die whilst the policy is in force.

Term assurance is often bought at the same time that a mortgage or loan is taken out. If you die before paying off the loan your insurance covers the remaining debt. Term assurance is normally quoted for a set number of years e.g. 10, 15, 20 or 25 years.

If you hopefully survive to the end of the term of your policy or your policy lapses you will get back nothing, as there are no surrender or investment values.

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