Term Assurance – Make Sure Your Life Insurance is Up-to-Date
It may seem bizarre, but the fictional death of Alf Roberts in Coronation Street in 1999 became a major marketing coup for the life insurance industry. Life insurance and the jargon surrounding it, such as ‘term assurance’, can be bewildering and deeply unsexy. So when life insurance, or more specifically ‘term insurance’, featured in a plot on the major British soap, it meant more people sat up and took notice. Term assurance is basically life insurance set up over a specific period, for example to correspond with the term of a mortgage, so is restricted to that time-frame.
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Term Assurance on The Street
TV shows often hit home – which explains why plotlines in soap operas dealing with sensitive issues such as grief, abuse and alcoholism often result in advertising help-lines for viewers affected by any of the issues. The story on Coronation Street that featured Alf dying a day after his life insurance policy expired caused a surge in concerned viewers. It highlighted the risks of term assurance when taking out a life insurance policy. Insurance companies reported a high level of customers calling in expressing concerns about term assurance, and requesting to renew their life insurance policies.
Coronation Street Highlights Life Insurance Issue
The plot in Coronation Street showed the dangers of life assurance policies that have term assurance – so that they only pay out for a certain period. Alf’s wife in the story was left almost penniless as a result of his death without life cover. It was estimated that up to a quarter of people who have life insurance policies are not aware of term assurance, and do not know how long their life policies run for.
Life Insurance and Term Assurance
The plot caused concern amongst those who have life insurance and helped people actively find out more about their policies and term assurance. On the back of the soap, many companies urged the public to make sure their life insurance is up-to-date and to check out their term assurance policy. It is possible to take out ‘renewable’ life insurance cover, to ensure the buyer has the option to renew their policy when it expires, although this can cost substantially more than level term cover.
Jump Money are specialists in life insurance and are there to answer any questions you may have related to life insurance, life assurance, term insurance and life cover. They will strive to fit an insurance package to the exact criteria you need in order to help you avoid buying products you do not need as well as helping you fully understand your purchase.
To find out more about how Jump Money can help you protect yourself and your belongings call now on 0845 8516262 or visit the website at www.jumplifeinsurance.co.uk.