This Article is About
level term assurance
insurance premiums
financial adviser
personal circumstances
mortgage credit
different life
certain age
Level Term Assurance
Join 1000's of Authors at StreetArticles Today!

Level Term Assurance

Although Level Term Assurance is the correct phrase it is more often called Level Term Insurance.

The life policy is usually set up either in the sole name of somebody or in joint names usually payable on first death.

Level Term Insurance is a straightforward type of life cover that is taken out for a number of reasons i.e. family protection cover, to cover liabilities such as a mortgage, credit cards, loans and overdrafts. Funeral expenses can also be paid for from term life cover.

How much life cover you need can be worked out by a financial adviser after a thorough review of your personal circumstances or, if you prefer, you can decide the amount of Level Term Insurance cover you require and the number of years you require the life cover for but the level of life cover is often dictated, in the main, by the amount you can afford to pay in premiums per month.

Level Term Insurance policies tend to provide life cover that remains at the same level for a set number of years i.e. 20 years. The term tends to range from 1 to 40 years and you have to be at least 18 years of age to take out life cover. The life insurance cover has to finish by a certain age, which varies between different life insurance providers but could be between 75 and 80 years of age. The monthly premium usually remains at the same amount for the full term of the policy. There are however some Level Term Insurance plans which allow the premiums and life cover to increase each year i.e. by 5%.

Should those insured be still alive when the policy finishes then policy will not pay anything out-you have therefore paid the premiums for peace of mind. If you compared Level Term Insurance with a Whole of Life plan you would find that one of the differences is that a Whole of Life policy will always pay out as long as the premiums are up to date. That is one of the reasons why Level Term Insurance premiums tend to be lower than those for a Whole of Life policy.

Terminal illness cover is sometimes included in term assurance policies or can be added in as an optional extra. Critical illness insurance can sometimes be built into the Level Term Insurance policy which would pay out upon diagnosis of a specific critical illness as detailed in the policy conditions but of course this would result in the premium being higher for this additional cover.

Level Term Insurance has to be underwritten so the life insurance company would need to take into account any pre existing medical conditions that you may have and this may affect the premium or sometimes may prevent you from obtaining this type of policy. If the later were to happen you may wish to look at an Over 50s Life Insurance plan because it does not matter if you are in poor health-you are guaranteed to be accepted for an Over 50s Life Insurance plan subject to meeting the other conditions of which there are not many.

The cost of Level Term Insurance depends on how old you are when you start the life cover, the amount of life cover you need, the term you require the cover for, are you female or male ( insurance companies cannot this into account for this purpose from December 2012), are you a smoker or non smoker and an assessment of your medical condition.

You will be pleased to hear that it is often possible to log onto the Internet, obtain an online quote and then apply for online life cover.

If you do wish to explore Level Term Insurance you may wish to get a few quotations but also study the documentation i.e. Key Features provided by each life insurance company as they may vary.


Street Talk

No comments present
You May Also Like
Over 50 Life Insurance Quotes
It is quick and simple to obtain Over 50 Life Insurance quotes from numerous life insurance providers by going on line. Once you have decided which quote you wish to accept you can often even complete the life assurance proposal form online. However, perhaps I ought to provide you with…
By:  in  Insurance   Nov 17, 2011  
0
  Likes: 1

Travel Competitions: Are They Legit?
Everyone loves a good travel competition, and your chances of winning an amazing trip or cash prize can be pretty good, especially if the contest requires a little work on your part to enter. If you’ve ever been curious about what happens behind the scenes of a holiday competition, you…
By: Frederick Holm in  Insurance   Jun 01, 2016  
0
  Likes: 0

Behind the Scenes Of Facebook Travel Competitions
If you’ve ever entered an online contest, you may have wondered why companies are willing to offer fabulous trips and other big prizes in exchange for simple Likes or Shares. What could possibly be in it for them? As part of their marketing strategy, it is not unusual for brands…
By: Frederick Holm in  Insurance   Jun 01, 2016  
0
  Likes: 0

Is Mobile Phone Insurance Essential?
If you’re looking for a good mobile phone or have just signed up for it or even upgraded your handset, there are chances that someone has tried to sell you mobile phone insurance. But the important question is do you require it? You perhaps need to consider buying mobile phone…
By: Shubrajit Dash in  Insurance   May 31, 2016  
0
  Likes: 0

Sussex Insurance And Its Concerns
The Sussex Insurance Company top concern is customer service. An organization acknowledges when you buy their policies and you put your trust in them. With fitness and caring a company makes an effort to match that trust. A Company’s staff is train to help you with your inquiries and concerns…
By: anamzara in  Insurance  >  Commercial   May 28, 2016  
0
  Likes: 0

Celina Insurance Focus
The Celina Insurance Group focuses on serving autonomous operators and policyholders; an organization work to make simple-to- use innovation, to develop partnerships and give genuine feelings of intelligence to the general population. Throughout the years, a group has grown by offering better administration than its specialists and policyholders.The different products…
By: anamzara in  Insurance  >  Travel   May 28, 2016  
0
  Likes: 0

We Insure
Water Damage You may not realize it, but water damage is the most common reason people make claims on their home insurance policy. This is a common loss, especially for older homes at risk for bursting pipes and leaky appliances. While most carriers provide coverage, some carriers exclude or limit…
By: Randy Marzullo in  Insurance   May 20, 2016  
0
  Likes: 0

Should I Get My Child Life Insurance?
Now we all know the concept of life insurance and its application to our adulthood, but what about life insurance for children? Many will reject these ideas, calling it morbid but if we consider it once, it is not entirely a morbid question. In fact, it may be a great…
By: Mikhail Juntilla in  Insurance   May 19, 2016  
0
  Likes: 0

Amigo Insurance And Its Services
Amigo Insurance Company offers the sort of quality administration you ought to anticipate from your neighborhood organization of Insurance. Pause for a minute to peruse more about a company office and their rationality of extraordinary client service. As an autonomous insurance organization, a company represents considerable authority in giving people…
By: anamzara in  Insurance  >  Commercial   May 09, 2016  
0
  Likes: 0

Hix Insurance And their Benefits
If you have not heard about the Hix insurance, for their insurance of health many people purchases this exchange. Through their managers, the vast majority get Hix insurance. In any case, individuals without this choice know how to now search for insurance of health on trades.They also have an alternative…
By: anamzara in  Insurance  >  Health   May 05, 2016  
0
  Likes: 0

Stay Up to Date on the Road With Fta’s E - learning Courses
One of the things that haulage companies must do if they want to maintain a competitive edge is ensure that their employees are all fully trained and aware of the changing rules and regulations as well as any new developments in the logistics industry. When training involves office staff, technicians,…
By: Frederick Holm in  Insurance   May 05, 2016  
0
  Likes: 0

When Short - term Health Insurance is A Smart Solution
Since the health law took effect, short-term health insurance plans have become very popular, especially among young adults, people who have a gap in employer insurance or those who have missed open enrollment under the Affordable Care Act. There are a few major reasons why this plans are appealing: -…
By: Nash Bauder in  Insurance  >  Health   May 04, 2016  
0
  Likes: 0

State Life Insurance And Its Policy Plans
The working of state life insurance company is with the point of view to encourage different customers. A company main objective is to provide benefits to their customers and shield them as of several of unforeseen harm by recommending the appropriate policy plan at reasonable price. A company is offering…
By: anamzara in  Insurance  >  Car Auto   May 02, 2016  
0
  Likes: 0

Surf Around the World: RTW Itinerary Inspiration
Have you heard of the “year of the endless summer”? It’s continual travel to warm and sunny destinations, following the summer season as it blossoms in various places at different times around the world. It’s a year without winter! If you are looking for a round-the-world travel itinerary that will…
By: Frederick Holm in  Insurance   Apr 26, 2016  
0
  Likes: 0

Everything You Need To Know About Round - the - world Tickets
If you’ve ever dreamed of escaping the daily grind to travel the world, you are not alone! Depending on where you want to go and how long you have, a round-the-world ticket pass may just be what you are looking for. As a traveller myself, I know the importance travel…
By: Frederick Holm in  Insurance   Apr 26, 2016  
0
  Likes: 0

Article Views: 2661    Report this Article