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This new type of insurance came into effect on april, when the government allowed tax relief to be claimed on the term insurance premiums at the highest tax rate you pay. An expensive rider to your long term care insurance policy is one where you don t have to pay any more premiums on the policy after the later of your th birthday or ten years. The -year guaranteed level term insurance policy can help you secure your y s financial future with life-insurance protection and guaranteed premiums. Even after tax relief, pension term insurance premiums may be more expensive than buying the equivalent cover direct from pany. Premiums for term insurance are downright cheap for people in good health up to about age after that age, premiums start to get progressively more expensive. Term life insurance policies are great for: someone who is currently unable to pay the premiums of a permanent policy. 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