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What Is Term Insurance?

Term insurance is a type of life insurance policy which can be shaped around, for example, your mortgage term. Let us assume that you had 20 years to go on your interest-only mortgage; you could take out a 20-year life insurance policy which would cover the repayment of capital in the event of your death.

Limiting the length of the life insurance policy in this manner (as opposed to a whole of life policy) will reduce your premiums.

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