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If you’re actively looking to take out a life insurance policy, you’ve likely come across various insurance types. There’s a lot to know, and all that information can sometimes feel overwhelming. Since it’s crucial that you select the right policy for you, we’ve put together a helpful guide that will explain everything you need to know about level term life insurance and help you decide whether it’s the right product for you.
Contents
There are various types of life insurance policies. In this article, we’re going to focus on level term insurance.
A level term policy comes under the umbrella of term life insurance. A policy that offers coverage within a certain period agreed on between you and your insurance provider. The coverage period is down to you and your needs.
A level term policy comes under the umbrella of term life insurance. A policy that offers coverage within a certain period agreed on between you and your insurance provider. The coverage period is down to you and your needs.
If you need to cover your mortgage, for example, you might choose to set the insurance period to match your mortgage contract. You should compare the different types of term life insurance to find the best policy for you.
A level term policy is different from a whole of life policy, where you get insured until you pass away, regardless of when that happens. Since you’re guaranteed a payout, a whole of life policy tends to be more expensive.
Key Features:
There are various situations where getting a level term policy is more beneficial than other life insurance policies. Here are some common reasons why you might choose it:
We compare plans from the leading life insurance providers
The cost of a life insurance policy will depend on various factors. Companies will take into account your age, health, medical history, occupation, lifestyle, and smoking status. They’ll also factor in the policy type, coverage level and total insurance period.
To give you a better idea, here is an example of a level term quote:
Note that this estimate doesn’t take into account critical illness cover, waiver of premium, or other add-ons. Your quote might be more affordable if you’re younger or more expensive if you partake in extreme sports or if you smoke.
As mentioned earlier in this article, your premium is influenced by various factors. If you find that you’re getting expensive quotes, there are some steps you can take to find a better deal. You should:
Whether you need a level term or decreasing term policy is down to your requirements. You should see a level term policy as a safety net for your family and loved ones. If you were to pass away, does your family have the means to continue the same living standards and cover debt payments? This policy is especially worth it if you have a young family and you’re the primary income earner. A level term policy can provide a payout that will see your children’s expenses covered until they’re likely to be financially independent.
A level term policy can also help your family keep your home if there’s still a mortgage to pay. This can help reduce stress at what would be an already difficult time in their lives.