Guide to Level Term Life Insurance
Why should you consider buying Life Insurance?
Life insurance is designed to protect individuals and families by paying out a lump sum or the sum assured as it is also known on the policyholder’s death. Where the policy is for a couple, it can be written in joint names and would usually be set up in such a way that the sum assured paid out on the first death. This lump sum can then be used to provide for and help secure the surviving families future by funding any outstanding financial obligations like loans and mortgages and maybe leave additional monies to support your loved ones.
What is level term insurance?
A level term life insurance policy provides an amount of cover that would be paid out in a lump sum if you or a joint policyholder were to die within the term of the policy.
Level term insurance is commonly used to provide protection against an Interest only mortgage as with this type of loan the capital does not decrease throughout the loan and the mortgage is usually repaid using some other form of investment. With this type of mortgage, the monthly payments to the lender only cover the interest element of the loan.
A Level term insurance policy often does not cost much more than a decreasing term (Mortgage Life Insurance) policy but could be seen to be better value because the cover does not reduce. If you survive to the end of the term, then the life insurance ceases. There is no cash value with these policies at any time.
You can buy level term insurance as a single life or on a joint life basis and can add critical illness cover to most policies as an additional extra.
How to get a level term insurance quote?
Click to get a quote and select either decreasing mortgage life insurance or decreasing mortgage life insurance and critical illness cover. Fill in a few quick personal details on the form and click to get a quote. You’ll then be taken to a price comparison screen where you can compare prices from a number of different Insurance companies and choose the best policy for you. Please note that receiving a quote via comparethemarket.com does not guarantee that an insurer will accept you for the policy.
Shopping for your level term life insurance has never been easier! A couple of minutes and one simple form and you could be comparing life insurance all from the comfort of your own home!
More Information…
If you would like more information about getting a good deal on life insurance or the different products that you can buy, then visit the comparethemarket.com your insurance section for more information.
Have a look at how much you could save with your life insurance and compare with comparethemarket.com today!