Term Life Term life insurance provides a lump sum
benefit (amount insured) on the death of the person insured or where there is a
terminal illness clause, in advance of a certain death (i.e. terminal illness with
6 or 12 months’ life expectation.
The cause of death is irrelevant, unless it is by suicide in the early stages of
the policy (e.g. within 13 months of taking out the policy).
People from age 11 to 75 are usually eligible for term life insurance and policies
can often be renewed to age 100.
Death statistics
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What are the facts about Death
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Number of people of working age who die each year
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26,000
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Probability of death for males aged 20-55 years
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1 in 10
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Probability of death for females aged 20-55 years
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1 in 20
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Voluntary increases can be made if your circumstances change e.g. marriage
In addition the sum insured can increase in line with CPI if this option is selected
as part of the policy application.
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