Level Term

We Offer Free Level Term Life Insurance Quotes

Protect your family and loved ones with a level term life insurance policy. Our process is simple:

  1. Answer a few quick questions about yourself to receive free quotes from top insurers.
  2. Compare your quotes to choose the best term life insurance provider for your lifestyle.
  3. Chat with one of our experts to ask questions and start your cover.

You could be on your way to more peace of mind with a term life insurance policy in just minutes.

Level Term Life Insurance Policies: A Simple Guide for Families

When you’re thinking of decisions about protecting your family, you don’t need a hard sell or a long novel to read. You need honest information and simple answers to the questions that pop into your head.
During the next 5-10 minutes, our simple guide will help you discover what level term life insurance is, why it’s important, how to choose the best policy, and some things you should avoid along the way.

What is Level Term
Life Insurance?

A level term life insurance policy pays out a fixed amount if you die at any point during the term of the policy. Let’s break down the words in the name to make it clear:

Term is the Length

Term – you can choose the length of the policy (its ‘term’) at the beginning. Common terms are 10, 20, and 30 years.

Level Premiums and Benefit

Level – the policy premiums (how much you pay every month) and the benefit (the amount paid out if you die) both stay the same during the policy.

Life Insurance

Life insurance – life insurance policies only pay out when the insured person (that’s you) dies. 

If you put all this back together, then you can see that a level term life insurance policy provides a fixed lump sum payment to your family if you die while the policy is in effect. The premium and the payout both remain the same during the entire term of the policy.

Why Term Life Insurance Is Important for Your Loved Ones

Level term life insurance is important because no one knows the future. Term life Insurance cover will provide a lump sum that can:

  • Cover funeral costs
  • Replace lost income
  • Pay off mortgages and other debts
  • Provide security for your dependents’ wellbeing 
  • Cover school fees or other cost of living necessities

Term life insurance policies are the most cost-effective way to do these things because the premiums are a good match for the payout amount. Most customers can afford life insurance premiums because the monthly cost is less than broadband or an expensive mobile phone contract.

How Term Life Insurance Works

Level term life insurance works like this:

Pay the Premium

You pay a fixed sum (a premium) to your insurer every month for the length of the policy.
Direction Arrows

Receive a Lump Sum

If you die during the policy’s term, then your insurer will pay a lump sum to your beneficiaries.

That’s it. It’s really that simple.

You could be on your way to more peace of mind with a term life insurance policy in just minutes.

What Term Life Insurance Should I Get?

Many people compare level term life insurance to whole life insurance or decreasing term life insurance. Which policy is best for you?

Level Term Life Insurance Versus Whole Life Insurance

These two policies are similar because they both have a fixed premium and pay out a fixed amount. They are different because level term cover ends after the policy expires. Whole life insurance does not end until you cancel the policy or die. Whole life insurance is more expensive because the insurer knows they will have to pay out because everyone passes on, eventually.

Please have a look at our Whole Life Insurance page for more information.

Level Term Cover Versus Decreasing Term Life Insurance

Decreasing term life insurance covers fixed costs that decrease over time. Mortgage repayments are the most common reason people take out a decreasing term policy. As years go by, the amount owed on your mortgage will go down, so a policy that can pay out less in later years is also less expensive. 

Please have a look at our Mortgage Protection Insurance page for more information.

Who Is Eligible for a Level Term Policy?

Most people qualify for some form of life insurance. Level cover may be more expensive for those who have experienced more of life. Let’s review a few common questions people have about qualifying for life insurance.

Term Life Insurance Without a Medical Exam

You can purchase a level term policy without a medical exam. Many insurers offer this option, especially to younger people. The advantage of this policy is how easy it is to get one set up. The disadvantage is cost. A quick visit to the doctor could save you lots of money on your policy over the term.

Term Life Cover for Heart Attack Victims

Pre-existing medical conditions make insurance more costly or even impossible. However, the chances are very good everyone can find an insurer who will provide cover, even after a major event like a heart attack. If you disclose your medical history, then finding an insurer should be no problem.

Level Term Policies for Over 50s

As people age, taking out new life assurance policies become more expensive and premiums rise. You can still be insured, though. There are two ways to secure life insurance cover when you’re over the age of 50.

  • Take out a normal level term policy. Your policy might be more expensive than it would have been in the past, but you should be insurable if your health is still good.

Take out an Over 50s life insurance policy. Special plans cover over 50s. These plans offer guaranteed acceptance and reasonable premiums. Check out our Over 50s Insurance plans page for more details.

Can Term Life Insurance Be Extended?

Yes, in most cases. When your term life policy term is coming to an end, you can choose to extend the policy term. Most insurers have a ‘guaranteed renewability’ feature. You can extend your life cover by another year, or 5, 10, or 20 years. There are some other options:

Get a New Term Life Policy

Your life changed during the years since you bought your policy. The kids may have grown up and moved out. Your partner may be more independent. You might have paid off the mortgage. All these changes mean you could change your cover amount. A lower payout to your beneficiaries means lower monthly premiums. If a new policy is right for you, you can reinvest the savings in your retirement or something else.

Convert to a Whole Life Policy

A whole life policy is like level term cover, but it does not have an end date. For this reason, whole life policies are more expensive. If your dependents will have long-term needs, then a whole life policy may be the best choice.

What Factors Affect the Cost of Your Level Term Policy?

Choosing the best policy starts with understanding how the insurer sets the price. Here is a list of the biggest factors influencing the cost of your policy:

  • Age
  • Height and Weight
  • Length of Term
  • Amount of Payout
  • Your Health
  • Drinking and Smoking

These factors help determine the premiums you will pay for your policy.

Two Common Questions

Should You Add Critical Illness Cover?

Critical illness cover will pay out if you are diagnosed with a critical illness or a terminal illness. You can use this lump sum to put your affairs in order, replace lost income due to illness, or any other reason. Critical illness cover is especially important for those with dependents who rely on a single or primary source of income.

What Level of Cover Should You Choose?

This is a complicated question, but we can walk you through some simple questions to help you make a wise choice. 

    • What is the purpose of your insurance policy? 
    • How much support will the beneficiaries need?
    • Does your policy allow for inflation?
    • What will the beneficiaries probably need in 10 years? 20 years?

As you can see, deciding on a level of cover isn’t easy. A guide people used for decades is to multiply your current annual income by 5x to set a low level of cover and 10x to set a high level of cover. Now you can evaluate this figure. Change it until it feels like the best choice.

Get Your Free Level Term Life Insurance Quotes

Protect your family and loved ones with a level term life insurance policy.
Our process is simple:
Answer a few quick questions about yourself to receive free quotes from top insurers.​
Step 01
Compare your quotes to choose the best term life insurance
provider for your lifestyle.
Step 02
Chat with one of our experts to ask questions and start your
cover
Step 03

We Search the Top Life Insurance Providers to Give You the Best Quote

When you start your journey with us, we’ll ask you some simple questions. Then, we’ll consult the UK’s leading life insurance provider to put together a reasonable and thorough quote for you. Afterwards, you can review your quote on the phone with one of our experts. When you’re ready, we can help you through the entire process to get your life insurance policy sorted.