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Level term life insurance
Level term life insurance pays out a fixed, pre-agreed lump sum if you die during the term of the policy. The payout and your premiums usually stay the same throughout the term, making it easy to budget for.
What it covers
- A fixed cash lump sum for your beneficiaries
- Mortgage balance, living costs or other debts
- Funeral expenses and inheritance planning
- Financial security for dependants until they are independent
Who it's for
- Families with children or other dependants
- People who want a predictable, fixed payout
- Those looking to cover an interest-only mortgage
- Anyone wanting to leave a legacy or help with inheritance tax planning
Pros
- Payout amount is guaranteed and does not change
- Premiums are usually fixed
- Simple to understand and compare
Considerations
- No payout if you outlive the term
- Premiums can be higher than decreasing term cover
- Cover does not automatically renew
Ready to protect your nest egg?
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