Life Insurance Level Term

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Level term life insurance is an insurance term that sounds far more complicated than it actually is.
It essentially means standard life insurance, as most of us would understand it.

Life insurance - is it necessary?

Ultimately, only you can make that decision. What is certain is that we will all die. It's not a pleasant thought but it is the reality.

When we eventually pass away, it is possible that we'll leave behind us spouses and children, who are financially dependent on us, along with financial commitments. This may be particularly true if we are unfortunate enough to die during what would be regarded as our ‘income generation and provision' years.

Many of us would like to think that, should the worst happen, at least our immediate family would receive financial assistance to help them cope financially. Nothing will remove the grief of their bereavement but they can at least be spared the financial worries that may arise because we are no longer there to help support them.

How does level term life insurance work?

It is called ‘level term' because you purchase the amount of cover you want for a given period of years (the ‘term').

Should you die during the specified term, it will pay out a pre-specified amount to your estate on your death. You pay for it (typically monthly) through pre-specified premiums during the term of the policy. The cover amount, term and the premium rates will not change during the lifetime of the policy - assuming you maintain your payment of the premium.

What does it cover?

Essentially it gives your dependants a lump sum if you die during the term of the policy, as a result of sickness or accident.

Level term life insurance is not designed to provide you with income if you are ill and unable to work and it is not an investment product that will pay out any sort of accumulated sum at maturity.

We can offer combined packages of standard life insurance and income protection if required.

Are there conditions and clauses?

Yes. As with any form of insurance, limitations and exclusions apply and you must disclose all relevant information to the insurance provider to allow them to understand the nature of the risks. The terms and conditions will vary depending upon the policy you purchase and your individual circumstances.

As a general rule, some policies of this type may not accept claims for death due to:

• serious medical conditions that you had when you first applied for cover;
• engagement in a criminal activity;
• suicide.

These can only be fully discussed in the context of your own situation however - which will inevitably be unique to you.

How can I take this forward?

Level term life insurance may be one of the most important insurance purchases you'll ever make. Contacting us to review your needs and find available solutions to match is entirely free and without obligation. We're here to help!