level term life insurance

Ensuring our loved ones are taken of in the event of our death is a primary concern for most of us and none of wish to leave our family with any financial burdens. Life insurance is one way to make sure that we provide financial support when we have gone and level term life insurance (level term life assurance) is just one way to find that peace of mind.

What is Level Term Life Insurance?

Level term life insurance or level term life assurance is a basic form of life insurance that pays out a fixed sum should the policy holder die within the policy term. Often regarded as the cheapest form of life cover, level term life insurance is also the most popular type of life policy in the UK.

What does Level Term Life Assurance Cover?
Level term life insurance covers you for an agreed period or term. Should anything happen to you during this term a level life insurance policy ensures your loved ones will be taken care of financially by paying out a one off tax-free lump sum. Level term life assurance is just one type of term insurance available as each insurer may offer different levels of cover including Decreasing Term Insurance,

Why Level Term Life Insurance?

As mentioned previously, level term life insurance is the most basic type of life insurance as the amount or sum remains the same throughout the life of the policy. With some term insurance including Decreasing Term Life Insurance where the sum may decrease in line with your mortgage repayments or Renewable Life Insurance which provides an option to renew the policy at a later date for a higher premium. One thing all term life insurance policies have in common is that they all provide cover for set period of time. The most common forms of term life insurance are:

Level Term Life Assurance – Sometimes referred to as flat-rate cover, level life insurance offers a set amount of cover for the term of the policy. The amount of cover is fixed at the time you take out the policy and remains the same throughout the term.
Decreasing Term Life Insurance – Also known as Mortgage Protection Insurance, with decreasing life insurance the sum decreases over the term, normally to tie in with your mortgage repayments and the term over which your mortgage is to be repaid.
Increasing Term Assurance – With increasing term insurance your premiums increase every year and is a great option if you are looking to keep your family in the lifestyle they are accustomed too as well as pay of your debts after your death as the policy will typically increase with inflation.
Convertible Term Life Insurance – Offers you the option to convert your policy into a whole-of-life policy at the end of the term.

Where Can I Get Level Term Life Insurance?

With so many insurance companies offering competitive level term life assurance quotes it is important to shop around and find a policy that best suits the needs of you and your family. Seeking the advice of a reputable insurance broker is a great way to ensure that you find the right cover but the brokerage will also be able to offer professional advice about additional options to your level term life insurance cover including Critical Illness Cover. A reputable insurance brokerage will also be able to advise you on your existing financial arrangements and help you to find a cheaper level term life assurance policy.