Term life insurance is a policy that will pay out a capital sum when the person who is insured, dies, providing that this occurs during the duration of the policy. Should this occur after the stated end date of the policy, no capital sum will be paid, which is one of the major differences between term and whole life insurance policies.

Taking out a term or whole life insurance policy is important if you have a family or other relatives who depend on you for their financial security. A level term insurance policy provides a guaranteed fixed sum during the insured period and is often purchased by individuals and couples to provide peace of mind should the worst happen.

Life insurance cover is also required by mortgage lenders who want to ensure that the outstanding capital amount is protected under all eventualities. As the amount loaned in a mortgage decreases over time (if you have a repayment mortgage) the amount of life insurance needed to cover the remaining loan decreases also, so a decreasing term life insurance policy may provide sufficient cover in these circumstances.

You can compare some of the term life insurance quotes available online with the companies listed below.