How does level term insurance work?
In the event of your death, level life insurance gives your loved ones a payout if you die while the policy is in place. The word ‘term’ refers to how many years the policy lasts, for example, it could be 35 years. The best level term life insurance policies have a long term. The payout amount varies depending on the insurance provider so make sure you shop around to find the best policy for you. If you don’t die whilst your level term life policy is in place, then you won’t receive a payout. So, if you want the security of life insurance, you’ll have to take out a new level term insurance policy but due to your increased age, it’s likely that your premium will be more expensive.