One of the most popular types of protection is Level Term Life Insurance. It is a straightforward policy that has a constant pay-out amount through the lifetime of the policy.
What will we be looking at in this article?
- What Level Term Life Insurance covers?
- Average Cost?
- Compiling your Level Term Cover with other policies
- Policy Review
- Single Vs. Joint Policy?
What Level Term Life Insurance Covers?
The first step in taking out Level Term Life Insurance is to set the policy length and the pay-out amount. Should the worst happen during the insurance term, the pay-out will be the same value you set here, unlike Decreasing Term Life Insurance.
One of the main reasons the Level Term policy is popular among people is because of its versatility. Level Term gives you peace of mind of financial security of your loved ones. Even if you die, your loved ones could use the money to pay loans, mortgages, education fees, utilities, etc.
A lot of factors combine to set the cost of your life insurance premiums. The main influences looked at are age, health, smoking habits, the length and amount of cover. Everyone is different and each policy is tailored to suit the needs of the person taking out the insurance. Prima Life don’t believe in a one size fits all and our experts will provide the advice you need to make an informed decision.
Compiling your Level Term Cover with other policies
You can benefit from having more than one policy when those policies are designed to help you in different circumstances. For example, Critical Illness Cover will help you if you face a critical illness coupled with Level Term Life Insurance which will protect you if you die. You can have combined policies or standalone cover:
- In combined coverage, you only pay one monthly premium for both policies at the same time. You will be paid the full payment only once if you encounter any of the insured circumstances.
- In Standalone coverage, you will pay for the policies separately. You will be paid and covered for both conditions until the policies expire.
Our Insurance experts give you the luxury of reviewing your policies. Circumstances can change in the future and if you believe you need to review and change aspects of your policy, you can. For example, if you are planning on having a baby, or buying property, you can review the policy plan.
Single or Joint Policy?
You can choose either a single or joint Level Term Life Insurance policy. Joint policies have a single pay-out and usually work out cheaper. They usually payout on a first-death basis. You can go for two single policies if you need different levels of coverage.
Both Single and Joint policies have a unique set of advantages. If you need assistance in understanding which of these best suits your situation our advisors are qualified experts. If you need any assistance, don’t think twice before contacting us. We will help you pick a suitable policy for you.