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What is Level Term Life Insurance?

Level Term Life Insurance is a form of insurance that pays a lump sum to you or your family if you die or fall terminally ill whilst the policy is in force. The sum insured will remain the same (i.e. level) during the term of the policy. It is the standard form of Life Insurance.

Hot Topics

What is the difference between a Guaranteed and Reviewable life insurance policy?: With a “Guaranteed” policy the Life Company guarantees that it will never increase the premium.....
What are the most common optional extras available?: When considering the purchase of a life insurance policy you are almost certainly going to be offered additional extras that maybe added to the plan. The following three are the most common: -
What is Mortgage Payment Protection Insurance?: Mortgage Payment Protection Insurance will pay your monthly mortgage repayments if you were off work because of sickness, an accident or unemployment.
What is Family Income Benefit Insurance?: Family Income Benefit Insurance will provide a monthly payment to the family until the end of the policy’s term, following the death of the policyholder.
Complaints about a Life Insurance Adviser: If the Life Insurance Adviser is regulated by the Financial Services Authority then he will have provided you with his Terms and Conditions at the very first opportunity.

Level Term Insurance is used for most family protection situations. However, if you want the level of insurance cover level to rise to offset the effects of inflation, you will need to add “Index Linking” to your policy. Most insurance companies will make this adjustment on an annual basis in line with the Retail Price Index or RPI. This does mean that your monthly premium will also rise in line with the sum insured. Most good life insurance policies will give you the option to Index Link your policy.

You can also have Term Insurance with a “Decreasing cover” level - ideal if you have a mortgage and want your cover to decrease in line with the outstanding value of your mortgage.

It is important to realise that a Level Term Insurance policy does not have any investment value. If you are trying to find a policy that has an element of investment within it, you actually want Life Assurance. (For further information about Life Assurance click here: What is the difference between Life Insurance and Life Assurance?)

Please note that these notes are only introductory and are not meant to be exhaustive. You will be able to get more details from the adviser from Torquil Clark when he phones you.

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