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.
What does level term life insurance cover?
In the event of your death, level cover life insurance pays out a lump sum of money to your loved ones. This money can be used to help your dependents cover any financial commitments that you leave behind, including:
How much level term insurance cover do I need?
The amount of level life insurance cover you need will vary depending on your personal circumstances. To work out how much cover you want in your level term insurance policy, you should consider the following:
- How much money you want to leave your loved ones
- How much money you still owe on your mortgage (if you have one)
- Any future costs such as credit card payments and funeral costs
Compare level term life insurance
When comparing level term life insurance policies, you might be tempted to pick the cheapest policy you can find. At Compare by Review, we know that cheap level term life insurance isn’t always the best level term life insurance. That’s why we encourage you to take a look at reviews before you purchase a policy. When it comes to life insurance, your loved ones will have to handle the claim in the event of your death so it’s important to pick an insurer that will look after your dependents and guide them through the process. You don’t want them to be left in the wrong hands.
Long term life insurance pros & cons
Pros
Cons
Compare life insurance providers
Review Score
9.7
based on 892 reviewsLife insurance quote
£7.96
per monthWith critical illness cover
£26.06
per monthMinimum cover limit
£40k
Maximum cover limit
£750k
Review Score
9.4
based on 16321 reviewsLife insurance quote
£8.61
per monthWith critical illness cover
£25.73
per monthMinimum cover limit
N/A
Maximum cover limit
£1.5m
Review Score
9.2
based on 1606 reviewsLife insurance quote
£8.44
per monthWith critical illness cover
£21.02
per monthMinimum cover limit
N/A
Maximum cover limit