Level Term Life insurance

Want to make sure your family is looked after if the worst was to happen?

We can help you have peace of mind.

A fixed lump sum cash pay-out for loved ones

  • Level term life insurance
  • Cover for a specified period
  • Providing loved ones with a fixed lump sum pay out
  • Pay out (sum assured) up to £1,000,000
  • Term length up to 40 years

Level term life insurance offers your beneficiaries a consistent lump sum payout if you were to pass away during the policy term. Unlike decreasing term life insurance, the pay-out sum remains constant throughout the policy term, ensuring your loved ones receive the same amount regardless of when the unfortunate event occurs.

This stability makes level term life insurance an excellent choice for safeguarding significant expenses for your family. It’s important to note that if you outlive the policy term, no pay-out will be issued to your beneficiaries.

What is a level term life insurance?

A level term life insurance policy provides coverage for a specified duration (the term) and guarantees a fixed pay-out in the event of your passing during that term.

A level term life insurance pay out could help to:

  • Cover mortgage or rental payments
  • Fund day to day family living costs
  • Cover outstanding debts in your name
  • Cover the cost of your funeral
  • Provide an inheritance

By adding together your key expenses, you can estimate how much you’ll need for your sum assured.

How does level term life insurance work?

When applying for a policy, you can easily do so by phone or email.

Policy Duration

Once established, your policy remains active for a specified period (typically up to 40 years, depending on your circumstances). In the event of your passing during this period, a predetermined lump sum payment will be disbursed.

Payment Schedule

To maintain your coverage, you must make regular monthly payments, known as life insurance premiums.

Documentation Process

Should you pass away within the policy term; your beneficiaries can file a claim. This process involves completing a claims form and submitting a death certificate to the insurer.

Upon approval of the claim, your beneficiaries will receive the lump sum payment. This financial assistance can support them in meeting essential financial obligations and other significant expenses.

It’s crucial to note that if you outlive the policy term, no payout will be issued, and your beneficiaries will not be able to make a claim after the policy has expired.

When calculating the appropriate amount of level term life insurance you require, it is crucial to assess the necessary funds your loved ones would require to manage essential expenses in your absence.

What is the best level term life insurance?

The cover offered can vary between insurers, making it important to compare multiple quotes to ensure you’re getting the right cover for your needs.

The best level term life insurance to meet your needs will be the policy that offers the level of cover over the right term length.

However, the exact price you pay for level term life insurance will depend on your personal circumstances.

When applying for cover, insurers will take key information into consideration when calculating your monthly life insurance premium.

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What information is required during the aplication process?

The information required during the application process includes:

  • Age
  • Health & wellbeing
  • BMI
  • Smoking status
  • Lifestyle (occupation, alcohol consumption, hobbies etc)
  • Policy type
  • Length of cover
  • Sum assured

In level term life insurance, the sum assured remains constant over the policy term, resulting in slightly higher premiums compared to decreasing term life insurance, where the risk to the insurer decreases.

Despite this, level term life insurance remains one of the most cost-effective coverage options available.

 

Can I get level term life insurance with critical illness cover?

Are you considering level term life insurance with critical illness cover? Absolutely, you can enhance your level term life insurance policy by including critical illness cover for an extra fee.

When integrated into your life insurance policy, critical illness cover enables you to file a claim upon diagnosis of a severe, yet not life-threatening, illness. Alternatively, your beneficiaries can make a claim in the event of your demise.

In situations where your health condition impedes your ability to work, the financial support from critical illness cover can help replace lost income or finance private medical care.

Typically, critical illness cover includes protection against 30 illnesses such as heart attacks, strokes, and certain types of cancer. However, the extent of coverage may vary depending on the insurer.

What are the advantages of level term life insurance?

Level term life insurance advantages and disadvantages. Advantages include:

  • This is an affordable form of cover
  • The pauout sum does not change over time
  • Large payout potential, up to £1,000,000
  • Terminal illness cover is included at no extra cost
  • Your cover can be tailored to meet your needs with your choice of term length
  • This cover can be taken out as a single or joint policy

What are the disadvantages of level term life insurance?

Level term life insurance advantages and disadvantages. Disadvantages include:

  • This is more expensive than decreasing term life insurance
  • The payout is not guaranteed
  • It is possible to outlive the policy
  • You will need to disclose medical information during the application, that may increase premiums if you have a pre-existing medical condition
Because we play by the book we want to tell you that…

For insurance business we offer products from a choice of insurers.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

Frequently asked questions

Can I get joint level term life insurance?

Can I write level term life insurance in trust?

How to secure cheap level term life insurance?

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