Protecting your loved ones’ standard of living, in the event of you or your partner’s death, is a wise decision. Level term life insurance fixes the costs of protection in your premiums, as well as the sum paid out upon a successful claim.
Read on to find out more about how Level Term Life Insurance works.
Level term life insurance offers financial protection to your loved ones in the event of your death. This can be in the form of a lump sum of money or a regular income. However, you will only be covered with this protection during the length of the policy. This means that if you die after your level term has concluded (or you do not pay your premiums), your loved ones may receive no payout.
Taking out a level term policy means that you are agreeing to pay the same amount towards your premiums, for the entire length of the term. These products, therefore, offer more comprehensive protection than decreasing term policies. The sum assured will remain the same and can be used to cover your mortgage payments, as well as your family’s other living expenses.
To find out more about the features of Decreasing Term Life Insurance, take a look at our guide. And if you would like to find out more about other life insurance products, here is our guide to some of the different types and FAQs.
Gregory is single, 26 years old, and has just taken out his first mortgage, which is interest only. He is looking for a way to protect his debts, right up until the end of his 30-year mortgage term.
As he is young and healthy, fixing his insurance premiums with a level term life insurance policy now could work out to be great value for him. Gregory chooses to take out a 30-year fixed term life insurance policy, in order to benefit from fixing his premium payments at a low rate.
If you would like to find out more about life insurance, and you would like to receive a free, no-obligation quote from a life insurance broker, get in touch here.
I needed life insurance and critical illness for myself and my wife. I got a number of quotes from some of the big brands and was very happy with the final price. Mike Davidson, Birmingham
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* Life insurance from 20p per day is an illustrative figure only and may not be available to you. The figure is based off of a 25 year old non smoking female taking out £150,000 of term assurance over 25 years on a level term basis and available from Beagle Street. Figure accurate as of 19/03/2015.
* Life insurance & Critical Illness from 35p per day is an illustrative figure only and may not be available to you. The figure is based off of a 25 year old non smoking female taking out £150,000 of term assurance over 25 years on a level term basis along with £50,000 of critical illness cover and is available from Beagle Street. Figure accurate as of 19/08/2015.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
IF YOU ARE THINKING OF CONSOLIDATION EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.
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