Level term life insurance is the most straightforward type of life insurance policy. You choose the amount you want to be insured for in the event of your death and the length of time you want the cover to last. Should you die before the policy ends, your beneficiaries will receive a lump sum financial payout.
This lump sum could be used to help repay a mortgage or provide an income to remaining family members that were dependent on your salary. As a whole of market financial adviser, we are able to search and compare the UKlife insurance market on your behalf. One of our advisers will find out about your individual circumstances and needs and the research and recommend the most competitive and suitable life insurance quotes.
Most people take out a level term insurance policy to ensure their family won’t encounter financial problems if they were to die. This type of life insurance may be used to pay off a mortgage, but most commonly it is used to ensure the remaining family members can maintain a similar standard of living.
When you take out a life insurance policy you must decide how long you want your cover to last. Unlike most insurance it’s not something you renew each year. You can choose to take out your cover for a certain number of years or until you reach a certain age. For example, you may want cover for the next 21 years until your last child has been through school and university or alternatively until your 65th birthday when you are likely to have retired.
The next decision to make is how much money you want your life insurance to pay out if you die. If you want cover for your mortgage, you can match the sum you are insured for with how much is left to pay on your mortgage. If you want the cover to support your family through education and so on, a financial adviser can help you establish what you would need.
To provide your dependents with an income in the event of your death
To repay a loan or other debts in the event of your death
To repay your mortgage in the even to of your death