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Level Term Life Insurance

What is level term life insurance?

Level term life insurance is a popular type of cover which pays out a fixed lump sum to your beneficiaries if you die within a set time period, (known as the ‘term’).

You decide on the sum insured (the pay out) and the term length, which can be anything from 5 years, 25 years, 50 years or more.

Regardless of whether you die 4 weeks or 20 years into the policy term, the pay out remains fixed. Hence the name ‘level’ term. Your monthly premiums generally remain fixed too.

Level term protection is generally a good option if you like certainty; you know what you have to pay each month, the pay out if you die and how long cover lasts.


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Why might you want level term cover?

Often the policy term aligns with your mortgage term, to ensure your dependents are not burdened with a large debt if the worst were to happen.

Level term policies can be a great option to protect your family – You decide how long you need cover for, (i.e. until the mortgage is paid off and/or the children are financially independent).

You then decide how much cover you require/can afford – You may want to fully cover your mortgage, plus leave an additional lump sum to cover future family living expenses and/or replace your income.

Level term is also a good option if you have an interest-only mortgage, where the capital borrowed does not decrease over time, (unlike a repayment mortgage).


Level term life insurance in summary:

Pro’s

Con’s

Why use Reassured to secure your level term policy?


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