life insurance

Life Insurance: Level Term

Compare Level Term Life Insurance

Level Term Life Insurance has an amount of cover which remains the same throughout the duration of your policy.

What is Level Term Life Insurance?

Mother and Child

A level term life insurance policy will pay out a fixed sum of money if you die during the policy term. It is designed for people who wish to assist their dependants financially, by paying off any debts and providing a capital lump sum that can be used in replacing income lost as a result of your death.

At the outset you choose the amount of cover you would like the policy to pay out and also how long you would like the policy to be in place for.

You pay a monthly premium for the entire term of the policy. If you stop paying the premium then the cover will lapse.

At the end of the policy term there is no cash in value. If the policy term is reached without a claim being made then the policy will not pay out.

How Much Cover Should I Choose?

The amount of cover you choose depends very much on your financial position. Some of the things you may wish to consider are:

  • your current income (consider a percentage of your net income and how long your dependants may need it for)
  • your outstanding mortgage and any other debt
  • additional child care costs for those you leave behind.
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Can I Take Out a Joint Level Term Policy?

joint livesA level term policy can be set up as a single life plan, insuring one life for a predetermined sum insured and term, or as a joint life plan where the sum insured is payable on the first claim only. (For example if a joint life policy was in place for Mr and Mrs Smith, and Mr Smith passes away during the policy term, the policy will pay out and then the cover will cease).

The policy will only ever pay out once, so depending on your circumstances and who you wish to protect financially, it may be more suitable for you to buy two single life policies.

Will my Premium Change over Time?

Most of the policies we sell have guaranteed premiums which means that the monthly premium will remain the same over the entire duration of the policy.

However if purchasing a policy with Critical Illness some policies quoted may be 'Reviewable.' With a reviewable policy the premium payable will be reviewed by the insurance company at set periods (often every 5 years).

If you choose a reviewable premium the cost at the outset may be less but the premium may rise over time.

What is Critical Illness Cover?

Critical Illness is a benefit which can be added to most level term life insurance policies for an increased premium. This benefit will pay out if the insured is diagnosed with a specified critical illnessspecified critical illness.

Can I add Critical Illness Cover to my Policy?

It can be added as either an integrated benefit, where in the event of the diagnosis of a specified critical illness the cover amount is the same as for death claims. If a claim is made then the policy will cease and no further claims will be made.

Alternatively you can add critical illness as an independent benefit, this way you can choose a different amount of cover to that paid out on death. With independent critical illness cover if a critical illness claim is made then the death cover still remains in place and a further claim can be made in the event of the death of one of the lives assured.

For more information view our critical illness page.

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If you are replacing an existing policy please ensure you do not cancel your current arrangements until your new policy is in force.

Summary of Cover

This is a general overview of the cover available, please read the insurance company's product key features for the specific cover and terms and conditions that apply.

  • You decide on a sum insured and a term of years from the outset.
  • The sum insured remains constant throughout the term.
  • The plan has no investment content.
  • If you die during the specified term then the sum insured is paid out.
  • Can be set up as a single life plan, insuring one life for a predetermined sum insured and term.
  • May also be set up as a Joint life first death plan where the sum insured is payable on the first death.
  • Critical Illness benefit can be added to most plans
  • As soon as the sum insured is paid out the plan ceases. If you survive the term and the sum insured has not become payable then the plan ceases and nothing is paid out as this product has no cash in value at any time.
  • If you are replacing an existing policy please ensure you do not cancel your current arrangements until your new policy is in force.

Can you Help me Choose a Product?

We arrange life insurance on a non-advised basis - this means no advice is given or implied.

Some documentation from insurers may include wording stating that theidol.com is your financial advisor, however this is a general term used by the insurers. Our terms set out in the Our Services document confirm life insurance is arranged on a non advised basis only.

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