UK Money News
15th February 2008
Term insurance 'is a cheap way of ensuring financial security'
Term insurance is a "cheap way" of providing financial security for your family, it has been claimed.
Term insurance differs from life insurance in that the provider only pays out for a set term, while life insurance also pays for protection and investment.
The fact that the term insurance does not take these into account however means that is much more affordable and as such represents a viable alternative, according to Stuart Budgen of Libra Financial Planning.
The product is particularly suitable for parents with newborns, he said, especially policies which run for 18 years until the child becomes an adult.
Mr Budgen illustrated the savings to be made by highlighting the example of a 30-year old smoker seeking cover for 15 years who would pay around £6 per month for £100,000.
However, a life insurance product would see the same man pay out "a couple of hundred pounds a month".
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