Level term life insurance is a simple product that pays out a lump sum payment in the event that you die during the insurance term. Premiums for level term life insurance are the most competitive in the insurance market, and will depend on certain lifestyle factors such as your age, sex, general health, and whether or not you are a smoker.
Level term life insurance will provide financial security for your family after your death, so the amount of cover you purchase should be representative of the level of financial support your spouse and any dependent children will require to help to pay off your mortgage or substitute for your income. The term of the level term life insurance policy should ideally coincide with your retirement, or when your dependent children will have finished their education or left home.
Level term life insurance is ultimately a gamble. It is not highly likely that you will die during the term, in which case you will only be gaining peace of mind by purchasing a level term life insurance policy; it is much more likely that you will be diagnosed with a critical illness during the term, so it may be worth considering adding a critical illness insurance option to your level term life insurance policy for extra security. At the end of the term, a level term life insurance policy is worthless, so if you wish to consider a product that serves as an investment vehicle with guaranteed payouts and returns, you should consider a whole life policy instead of a level term life insurance policy.
To compare your options regarding level term life insurance, complete the form on this page. Totally Money will find you the best policies providing level term life insurance to suit your lifestyle at the premiums to suit your budget.