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:
- Answer a few quick questions about yourself to receive free quotes from top insurers.
- Compare your quotes to choose the best term life insurance provider for your lifestyle.
- 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
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:
That’s it. It’s really that simple.
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?
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.
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.
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.
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.
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:
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.
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:
- 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
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.
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
Our process is simple: