Level Term Life Assurance

Level Term Life Assurance is perhaps one of the most straightforward types of life assurance available. Level term means that if you need to make a claim, the sum assured will not vary during the term of the policy.

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In plain English

You choose how much cover you want and for how long, say £200,000 for 25 years. If you die during that time, the policy pays that amount to your family, whether it’s in year one or year twenty-four. Because the amount stays the same, it can cover more than just the mortgage.

A good fit if…

You want a fixed sum to clear the mortgage and other debts, with something left over for your family.

Worth asking us about

How much cover you actually need, adding critical illness cover, and writing the policy in trust.

The details

What should I know about Level Term Life Assurance? Unlike other types of cover, the sum assured (the amount the policy will pay out) is agreed at the beginning of the policy and remains the same throughout the term of the policy. The policy is set for a fixed number of years and the sum assured in the event of your death will not change.

Knowing that your mortgage will be paid off in the event of your death gives you peace of mind and could help towards securing your family’s financial future. You can decide exactly how much cover you need. This can include your mortgage and existing debts, and you can opt for additional cover to allow your family to continue to enjoy the standard of living they are used to, which could include lifestyle choices and future university fees.

Questions people ask us

How much cover do I need?

Start with your mortgage and any other debts, then think about what your family would need on top, such as living costs or future university fees. We’ll work it out with you.

What’s the difference between this and mortgage life assurance?

Mortgage life assurance reduces over time in line with a repayment mortgage. Level term stays the same for the whole policy, so it usually costs a little more but pays out more later on.

Does it cover terminal illness?

Level term policies usually include terminal illness cover at no extra cost. That means the policy could pay out early if you’re diagnosed with an illness that’s expected to be fatal within a set period, often 12 months.

What happens if I stop paying?

The cover stops. Term assurance has no cash-in value, so if you’re struggling with premiums, talk to us first and we’ll look at whether the cover can be adjusted.

How it works

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