Level Term Life Insurance
Are you confused about level term life insurance? Not sure if it's right for you?
As with all types of life insurance, its primary purpose is to protect your loved ones in the event of your death, allowing them to pay off debts and look to the future without the burden of mounting bills and financial worries.
However, there are key differences between level term insurance and other kinds of life insurance policies, which will determine if it is the right type of policy for you.
In this guide, we'll explain these differences, as well as answering all of the common questions about level term life insurance you might have.
How does level term differ from decreasing term insurance?
As the name level term suggests, the amount of cover provided by a level term life insurance policy will not change throughout the term.
However, if instead you are looking for a policy specifically to cover your mortgage, you might be more interested in a decreasing term policy, also known as Mortgage Protection Life Insurance. With these policies the amount of cover decreases during the term of the policy.
Level term policy conditions
The term of the policy will be chosen by you at the outset and the intention of the product is simple: should you die within this specified term, the selected cover will be paid out.
It is always important to read the key features of any policy carefully before you buy. You must answer all questions accurately and honestly when completing any application as failure to do so could mean a future claim could be declined.
You can find out more about life insurance on our What is Life Insurance page.