Term cover against a bundled policy
Term life
- Pays a lump sum on death within the term
- Low premium for high cover
- Nothing else, by design
Bundled savings plus cover
- Thinner cover for the premium
- Savings that earn less than a plain fund
- Fees between the two
What term insurance is
Term insurance pays a lump sum if you die within the term. Nothing else. That is exactly why it is cheap and why it is the one most people actually need.
Who needs it
Buy it if someone depends on your income: a partner, parents, a child. Skip it if nobody does, and revisit when that changes. The cover should replace the income the household would lose, for the years they would need it.
Why bundles cost more
Policies that bundle savings with cover cost far more and do both jobs badly. The insurance part is thinner than a term policy, and the savings part earns less than a plain fund, with fees in between. Keep insurance and investing separate.
The four covers Grownz tracks
Health, life, vehicle and contents. Each with insurer, annual premium and renewal date. Renewals raise reminders, and the Insurance screen shows cover gaps against your household.
