Level Term Life Insurance
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But what is level term life insurance?
Level term life insurance is an insurance policy that pays out a lump sum if you die during its term. It is called level term because the pay-out amount remains the same throughout the policy.
How does a level term policy work?
Level term life insurance will pay-out if you die during its fixed term, with lengths of terms predetermined on purchase.
If you die after the term ends, your family will not receive a pay-out.
How do you find the best level term life insurance?
Before you start looking for quotes, work out how much cover you need and how long you need it for. This will make it easier to find a policy at an affordable price. Think about:
- How much you need the pay-out to be: The higher the amount, the more expensive the premiums will be. Only get the amount of cover you need to keep costs low.
- How long you need the cover for: Work out how long you need to be covered for. The general rule is that the shorter the term, the more expensive premiums will be.
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How long can the policy last?
Well this can be defined by a number of criteria, including:
- Maximum age for taking a policy: Depending on the policy there may be a set maximum age for when you can apply, e.g. 50 years old.
- Maximum age you be covered until: Every policy will have an age limit where the policy will no longer cover you after you reach it, e.g. 70 years old.
- Maximum term the policy can last for: All term life policies have a fixed length that they run for, for example 40 years.