The Orca Financial Guide to understanding
What is Term Assurance?
Term Assurance (or Term Life Insurance) is the most straightforward and one of the most affordable forms of life insurance available. These policies pay a lump sum to your named beneficiary or your estate if you die during the term of the policy.
How does it work?
For example: you might take out a Term Assurance policy on your own life for €100,000 over 10 years. If you die within 10 years (the term), the policy pays out €100,000 to your dependents. If you don’t die within the term of the policy, no benefit is paid out and the policy ends.