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What is level term life insurance?
Level term life insurance or level term assurance is a type of life insurance that pays out a lump sum of cash if you pass away. The amount your loved ones are paid stays the same whether you’re near the start of your policy or near the end, unlike decreasing term life insurance.
Top Rated Providers
Our comparison table is ordered by review score. The review score is the average weighted score based on product quality and user reviews from the last 12 months. Find out more about how our review score is calculated.
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1st
Review Score9.5/10Based on 4,205 reviews
Level Term Quote*£10.39per monthWith Critical Illness Cover**£26.42per monthGet a Quote Read moreClaims Paid****99.5% -
2nd
Review Score9.4/10
Based on 64,956 reviews
Level Term Quote*£11.81per monthWith Critical Illness Cover**£33.60per monthGet a Quote Read moreClaims Paid****99% -
3rd
Review Score9.0/10
Based on 46,762 reviews
Level Term Quote*£11.47per monthWith Critical Illness Cover**£28.08per monthGet a Quote Read moreClaims Paid****98.9% -
4th
Review Score9.0/10
Based on 13,067 reviews
Level Term Quote*£10.33per monthWith Critical Illness Cover**£26.55per monthGet a Quote Read moreClaims Paid****99.5% -
5th
Review Score8.4/10
Based on 29,410 reviews
Level Term Quote*£10.42per monthWith Critical Illness Cover**£29.56per monthGet a Quote Read moreClaims Paid****99.5% -
6th
Review Score7.8/10
Based on 13,742 reviews
Level Term Quote*£12.78per monthWith Critical Illness Cover**£29.52per monthGet a Quote Read moreClaims Paid****98% -
7th
Review Score7.8/10
Based on 12,131 reviews
Level Term Quote*£11.51per monthWith Critical Illness Cover**£27.93per monthGet a Quote Read moreClaims Paid****98% -
8th
Review Score7.1/10
Based on 8,929 reviews
Level Term Quote*£12.18per monthWith Critical Illness Cover**£29.97per monthGet a Quote Read moreClaims Paid****99.7% -
9th
Review Score6.8/10
Based on 1,957 reviews
Level Term Quote*£10.81per monthWith Critical Illness Cover**£26.60per monthGet a Quote Read moreClaims Paid****99% -
10th
Review Score6.4/10
Based on 11,908 reviews
Level Term Quote*£10.47per monthWith Critical Illness Cover**£26.82per monthGet a Quote Read moreClaims Paid****97%
*This is a level term cover quote for £150,000 over 30 years, based on a 35-year-old non-smoking female. **This quote also includes £37,500 critical illness cover. ****This is the percentage of claims paid out in the last 2 years.
All level term life insurance quotes are provided via Quotezone, who are FCA regulated.
Please note that some of the providers included within our table are not currently offering new policies.
In this Guide
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How does level term insurance work?
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What does level term life insurance cover?
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How much level term insurance cover do I need?
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Can I add critical illness cover to my policy?
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Compare level term life insurance
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Pros and cons of level term life insurance
How does level term insurance work?
Level term life insurance pays out a lump sum to your loved ones in the event of your death. The word ‘term’ refers to how many years the policy lasts, for example, it could be 35 years or 15 years depending on your personal needs. Policies with longer terms tend to be the best level term life insurance policies because they offer more years of protection. You get to choose how many years the policy lasts and how much your family receives in the event of your death. The higher the payout and the longer the term, the more expensive the policy will be. If you have a policy that lasts 15 years and you don't die in that time, the policy will end and your family won't be entitled to a payout. If you want to continue to be protected, you'll have to take out a new life insurance policy, but due to your increased age, the policy is likely to cost you more.
What does level term life insurance cover?
Your level term life insurance payout can be used to help your dependents cover any financial commitments that you leave behind, including:
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Loans
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Tuition fees
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Household bills
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Mortgage repayments
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. The more cover you take out, the higher your premium will be so it's important that you don't overinsure. However, if you don't take out enough life insurance, your family might not be as financially protected as you'd like in the future. 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
Can I add critical illness cover to my policy?
You have the option of adding critical illness cover to your policy to give you additional protection if you're diagnosed with a critical illness listed in the policy. You can either take out critical illness cover in addition to life insurance or as part of a combined policy. If you take it out as additional cover, you will get a payout if you're diagnosed with a critical illness and also if you die at a later date during the policy term. If you take it out as combined cover, you will get a payout either if you're diagnosed with a critical illness or if you die during the policy term.
Compare level term life insurance
When comparing level term life insurance policies, you might be tempted to pick the cheapest policy on the market. But cheap level term life insurance isn’t always the best. That’s why we encourage you to take a look at provider 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.
Pros and cons of level term life insurance
Pros:
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Your premium stays the same throughout the length of the policy.
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Your payout is the same whether you die at the beginning or end of your policy.
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Ensures your loved ones get a fixed amount of money if you were to pass away.
Cons:
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Premiums are often higher than other types of life insurance policies.
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If you outlive the policy length, you’ll no longer be covered when you die and if you take out a new policy, it will cost more due to your increased age.