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Term Insurance is insurance at its most simple. You pay a fixed monthly sum for a fixed amount of cover. While you are alive you pay them, if you die, they pay you, and if you live until the end of the contract, that's it. ( No cash value).
Some Term Insurance contracts are covered by Pensions legislation and benefit from tax relief. See Pension Term Assurance, after reading the notes below.
On this basis the lowest premium is the best. It does not matter which company you use, and therefore the cheapest is best. Be warned that premiums do vary a lot.
If only it was so simple.
In practice what happens with many companies now is that they have Reviewable premiums. This means that if they have got their sums wrong and more people die than they expected then they can increase the premium on the contract. So in reality you have a choice between a reviewable contract, ( which is often the lowest quote ), and a fixed premium contract that may be a little more expensive.
Simple term assurance is used for family protection, PEP mortgages and business protection, especially Keymancover.
A special lower cost version in which the level of cover decreases with time provides budget protection for families (FIB )and protection for Repayment mortgages.
This simple beast can have various bells and whistles added, but don't bother with them unless you need them. For instance a policy can be:-
Put them together and you have Renewable Increasable Convertible Term Assurance or RICTA. Not a lot of call for it, though some Keyman policies run on this basis, esp. in fast growing companies.