What exactly is Term Life Insurance?
Term Life insurance is there to make sure those you care about
are looked after when you die. Term life insurance will pay out a lump sum when
you pass away during the policy term and can be used to pay ongoing financial
obligations, safeguard the future of friends and family or support a charity,
The policy is paid for in fixed monthly payments that never
increase over the policy term. You simply choose the size of the lump sum and
the length of the cover. We’ll do the rest.
If your policy term finishes without a claim being made, the
lump sum is no longer payable. There’s also no cash value should a customer
stop paying for or ‘surrender’ their policy during the term.
Why should I take out Term Life Insurance?
Most people take out term life insurance to protect and provide
for their loved ones in the event that they leave them behind. The lump sum
paid out can ensure that important ongoing payments – like mortgages or school
fees – continue to be paid. The cover provides peace of mind that friends and
family members aren’t going to be left facing mountains of debt or other
People tend to consider term life insurance at important moments
in their lives, like buying a house or having children – but in truth, there’s
no wrong time to take out a policy. If you have someone that you want to look
after, then term life insurance may be something for you to consider.
What makes our Term Life Insurance different?
Emerald’s term life insurance has been designed with the LGBT
community in mind. This means no awkward phone calls and no prying questions.
Just simple, comprehensive cover that puts your mind at ease.
What is the maximum age for a Term Life policy?
Life insurance for over 50s and life insurance for over 60 are
both covered by Emerald’s term life policies. We can cover you up to 66 years
of age. For cover beyond that, we’ll refer you to our partner, Pulse, a specialist
life insurance provider, trained in issues surrounding LGBT diversity.
How much Term Life Insurance should I take out?
The amount of cover you need depends on your personal circumstances.
Think about how many and what type of financial obligations you have – such as
mortgages, loans, or credit cards – and how much you want to leave as a
financial cushion for the ones you love. Your financial advisor should be able
to help you choose the amount that’s right for you. Remember, we offer a
flexible policy term from 1 to 10 years and up to a maximum of £250,000 of
What duration of policy do I need?
As with the amount of cover, the right length of policy is
totally dependent on your personal circumstances and future plans. Your
financial advisor is the best person to consult about this.
You can take out a term life insurance policy for one to 10
years and apply for a new policy at the end of your term.
Are my premiums fixed?
Yes, your monthly premiums are fixed for the duration of your
policy. They’ll never increase in price at any stage during your policy term.
Who can benefit from my Term Life policy if I die?
The lump sum will be paid into your estate to be dealt with in
accordance with any instructions you may have in your will. If you want to
nominate direct beneficiaries of your policy, you may be able to put the policy
into a trust and then nominate beneficiaries. You will need independent
financial advice as to whether this is suitable for your personal
What if I move abroad after I take out the policy?
No problem as long as you are a UK resident when you apply.
How quickly can I get Term Life cover with Emerald?
You can get covered in a matter of minutes, as long as you
qualify. Applying online is simple and offers you complete privacy. You just
need to answer eight questions about yourself and your family medical history.
If you answer them all ‘No’, then you’ll be able to get term life insurance on
If you can’t answer all the questions in the negative, we’ll put
you in touch with our insurance partner, Pulse, who’ll help you get the term
life insurance that you need. Like ourselves, Pulse are experienced working
with LGBT customers and are LGBT diversity-trained.
I have a pre-existing medical condition – is that going to impact my ability to get an Emerald Term Life policy?
Our term life insurance is all about simplicity. The
eight-question application process will ask you about pre-existing medical conditions.
If you have any relevant medical conditions, we won’t be able to offer you
insurance. We’ll refer you to our partner, Pulse, who will make sure you get
the cover that’s right for you.
I am HIV positive and/or have Hepatitis B or C. Can I get Term Life cover with you?
Emerald’s term life policy does not yet offer cover to customers
who are HIV positive or have Hepatitis B or C. However, we’ll refer you
directly to our partner, Pulse, who can help you get the cover you need. Pulse
are LGBT diversity-trained and experts at helping customers secure the right
Do you pay out during the term of the policy with the event of a diagnosis of a terminal illness?
There’s no pay-out when you are diagnosed with a terminal
illness. Our policies only pay out upon the death of the person whose life is
If you’re looking for cover that pays out upon diagnosis of a
terminal illness, you might want to consider a critical illness policy. This
isn’t something that Emerald offers at the moment.
My circumstances have changed and I want to increase the amount of my Term Life Insurance policy. How can I do so?
It’s easy – you can purchase an additional term life policy to
cover your increased requirements. You’ll still have to meet the health and
medical credentials that apply when you take out this additional policy, and
your new premium will be based on your new requirements.
I’m unable to meet the monthly payments on my policy. Will my policy lapse?
We operate a 15 day grace period on premium payments. After 15 days,
if the premium remains unpaid, your policy will be cancelled and you’ll no
longer be covered.
Can I redeem my policy for cash at any time?
No. The policy pays out if and when the insured person dies
during the policy term. It does not have a ‘surrender’ or ‘cash-in’ value of
Will the payout remain the same, regardless of when it occurs during the policy term?
Yes, the agreed payout amount will remain the same at any point within the duration of the policy.
Can I take out terminal or critical illness cover as part of my Emerald Term Life policy?
Emerald currently doesn’t offer terminal or critical illness
cover – but our partner, Pulse, will be able to help you find what you’re
Under what circumstances would a Term Life policy be terminated?
Our term life policy terminates immediately upon:
- your death
- when you reach the age of 66
- 15 days after non-payment of premiums
- cancellation of this insurance cover by either you or us
- the end of the period of insurance
- death from suicide (which is not covered)
- death from alcohol or substance abuse (which is not covered)