Term insurance is a "much cheaper alternative" to traditional life insurance and still provides people with financial security, one expert has claimed.
Stuart Budgen, a spokesperson for Libra Financial Planning, said he thought that term insurance - which covers a policy holder for a certain period of time - was a good alternative to the more common life insurance.
He explained that a 30 year-old non-smoker who requires £100,000 worth of cover for 15 years will only have to pay around £6 a month for term insurance, while a life insurance premium could cost them around £200 a month.
This is because full-life cover insurance includes a sum that goes towards an investment which is paid out on death while term-cover does not, Mr Budgen added.
The Association of British Insurers recently announced that its members are to pay more claims for life insurance polices where the holder had not disclosed medical information on taking out the cover.
Term insurance a cheaper alternative, consumers told
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Term insurance a cheaper alternative, consumers told
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