Level term life insurance, also known as level term assurance, is an insurance policy that pays out a lump sum if you die during the term. It can give you peace of mind that your family would be secure if the worst happened. Lots of life insurance companies offer this kind of insurance.
It’s called level term life insurance because the size of the payout stays the same – or ‘level’ – until the policy ends. This is in contrast to decreasing life insurance, where the size of the payout reduces gradually throughout the term of the policy.
You’ll find that level term life insurance is more expensive than decreasing life insurance. Different life insurance companies offer different benefits so you’ll need to shop around.
How does term life insurance work?
Term life insurance gives a payout to your family if you die during its term. The term is how long the policy is. It could be, for example, 40 years. The very best life insurance policies will have a long term, to cover you for the longest amount of time.
Different life insurance companies pay out different amounts depending on your policy. So you’ll need to look for the best life insurance UK companies are offering.
But, if you die after the term of your level term life insurance ends, your family won’t receive a payout.
Should I get level term life insurance?
All life insurance, UK wide, is a luxury, but something which could benefit your family if you died, and give you peace of mind while you’re alive.
You can find cheap term life insurance but the cheaper policies won’t give you as much cover as the best life insurance UK providers offer.
How do I find the best life insurance?
When looking for level term life insurance from different life insurance companies, you’ll be keen to find the best life insurance, UK wide.
But, before you start getting term life insurance quotes, think about how much cover you want and how long you want it for. It’ll make it much easier to find the best life insurance policy at the best price if you know exactly what you’re looking for.
When it comes to how much of a payout you want, the higher you go, the more expensive your level term assurance will be.
When you’re thinking about how long you need cover for, it’s a good idea to think about how your family would use the payout. For example, if it’d be used to pay off a mortgage, you’ll want it to run for the same term as that.
The shorter the term you choose, the more expensive your premiums will be, even with the very best life insurance companies. But, depending on your situation, sometimes the peace of mind of having the best life insurance is more important than the price.
How can I compare level term life insurance from different life insurance companies?
To find the best life insurance UK companies are offering, get plenty of term life insurance quotes from the top life insurance companies. Then do a comparison.
To start getting term life insurance quotes from the best life insurance companies, click on ‘get quotes’ at the top of this page. Fill out the information needed and we’ll give you a list of quotes.
This should help you to find the top life insurance, UK wide, for your needs. Once you’ve looked carefully at all the options, you’ll be ready to buy term life insurance.
How long can a level term life insurance policy last?
There are a few factors that can affect how long your term life assurance can be.
Sometimes, a term life insurance policy will have a maximum age at which you can apply. For example, you might not be able to apply if you’re over 49.
All life insurance, UK wide, is affected by maximum terms. This means they all have a maximum length of time they can run for. This could be, for example, 40 years, and you wouldn’t be able to choose a term longer than this, even with the very best life insurance policy.
How much does level term life insurance cost?
If you need life insurance, UK providers will always base your quotes on your age, how much cover you want, and how long you want it for. There are ways to cut the cost of your life insurance.
Can I still get level term life insurance even if I’m in poor health?
Yes. But if you have health issues, you’ll probably find it harder to get cover. With life insurance, UK companies can be wary of insuring someone who is in poor health.
It’s a good idea to get as many quotes as you can, until you get accepted for the cover you want.
What happens at the end of my level term life insurance policy?
If you’re still alive at the end of your term life insurance policy, it’ll just stop and you’ll stop paying your premiums. You won’t get any money back.
Will my family definitely get a payout if I die during the term?
Yes. That’s as long as your cause of death’s covered by your term life assurance policy, and you told the truth when you took out the policy. You can find out more on how life insurance works here.
Can I have more than one term life insurance policy?
When it comes to life insurance, UK providers don’t have any problems with you having multiple policies. But sometimes it’s cheaper to just have the best life insurance policy you can find that gives you the exact cover you need.