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Level Term Life Insurance

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What is level term life insurance?

When you take out any life insurance policy, you will be asked to pick an amount called ‘sum insured’, along with a ‘term’ which refers to the amount of time you need to be covered.

What level term life insurance does is provides cover for a set amount of time, for example, 20 years. This ‘term’ is agreed when the policy is taken out and is maintained as long as the monthly premiums are paid. If you stay up to date with these payments, the policy will pay out to a guaranteed sum of money to your beneficiaries. However, should you pass away outside of the policy terms, then the lump sum of money will not be paid out.

Why should I get level term life insurance?

If you have been through the process of buying a house, then you may already know that mortgage lenders will usually insist on having life insurance in place. Many people opt for a level term life insurance policy because that fixed sum of money is enough to pay off the remainder of the mortgage.

The main thing that sets level term life insurance apart from other types of life insurance, is that the final lump sum paid out remains the same regardless of how many mortgage payments are left. For example, if you were to pass away with only one monthly payment left, your beneficiaries can use it to pay off the small remainder and then use the rest for other payments e.g. debts or funeral costs.

Taking out any kind of life insurance policy, including level term, provides you, your partner and your family with financial peace of mind knowing that mortgage payments can still be met should the unexpected happen.

How much does level term life insurance cost?

As with many types of insurance, the younger you are the lower your monthly premiums tend to be, so it is better to choose a level term life insurance policy sooner rather than later. Monthly payments can also be increased should you choose to include critical illness cover on your policy, as many people do when purchasing a house.

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Navigating the different kinds of life insurance can be tricky. We understand that, which is why our experts are always on hand to answer any questions you may have, so get in touch with our team today for advice and guidance.

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