Ensuring your mortgage and other debts can be repaid and providing your family with a lump sum to replace your income in the event of your death can give you peace of mind.
And, it doesn't have to cost you a fortune as level term life assurance can be relatively inexpensive.
What is a level term life insurance policy?
As the name suggests, level life insurance cover pays out a set amount of life insurance for the term of the policy. For example, if you took a £100,000 level life cover policy over 20 years, if you died at any point within the 20 years the policy would pay the £100,000.
This is different to a 'decreasing' term assurance policy where the cover is designed to reduce year on year.
Factors to consider when looking for a cheap level term life insurance quote
When you are searching for the best level term life insurance quotes it is important that you take the following factors into account:
Term of the policy
The amount of cover
Minimum and maximum age limits
Your level life insurance cover quotes will mainly be affected by the term of the policy and the amount of cover you select. Generally, your level life cover policy will cost more if you choose a longer term and a higher level of cover.
Choosing a shorter term may help you find a cheap level term life insurance quote but you have to be careful not to leave yourself underinsured in the future.
Similarly, choosing a lower level of cover may save you money but you may be better paying a little bit more and making sure that your family and dependents are well covered in the event of your death.
Ultimately, you are likely to choose a level term life assurance policy based on which provider offers the monthly premium for the policy you want for the lowest cost.
As term assurance policies are simple, choosing the cheapest option is often advisable providing there are no difficult clauses that could prevent it paying out hidden in the terms and conditions.
When it comes to choosing a policy you should compare the policy benefits and the costs of cover so you can be confident you're getting the best deal before buying your level life cover policy online.