Term Assurance
Leave your family the lifeline they need
Our broker discounts from your policies are passed right back to you the consumer. That way we can often offer the cheapest UK prices, often cheaper than the policy providers themselves!
APPLY NOWLevel term assurance is a form of life insurance policy that is designed to last for a specific term. That is to say, that you will buy this kind of policy for a certain number of years at the outset. The 'level' part of the equation is the description used to outline the payment that will be made if a claim needs to be made on your policy. It is called level because it will stay at the same amount for the entire life of your insurance policy.
So, for example, you might take out a level term policy that gives you an assurance sum of £150,000 for 25 years. For these 25 years you will make regular payments to your insurer to keep your policy active. During these 25 years you will, therefore, have the insurance cover you need and, if you die within these 25 years, your insurer will pay out £150,000 to your family or named beneficiaries.
If you take out a level term assurance policy then it will only last for the time that you take it out for. So, your 25 year policy will last for 25 years. If you die an hour, a day or a week after the expiry date of your term assurance cover then you won't be able to claim a penny from the insurance company. Your cover finishes when your policy does.
The big advantage to this is that your insurance company knows that there is a big chance that they will never have to make a payment for many level term policies. So, they may be able to collect your premium payments over the years but never have to pay your family any assurance money. This low payout risk factor can give you a real positive - it basically means that insurers are quite happy to sell these kinds of level term assurance policies at much much cheaper rates than those given to policies with a guaranteed payout. So, you'll save yourself a lot of money in the long run.
Plus, the chances are that you'll be taking out this kind of policy to give your family protection while they are young and while you have a mortgage to pay for. So, by the time your level term assurance cover ends then the chances are you and your family will be financially sorted enough not to need the same levels of cover. So, you generally won't lose out at all.
The costs for level term assurance will really depend on the insurance company you pick, the amount of cover you go for and issues such as your general state of health etc. The truth is that each insurer will charge at different rates so it is possible to pick up a bargain if you're prepared to shop around a bit.
This is where we can help. We have years of experience of working as insurance brokers helping UK consumers find the right - and cheapest - policies for their needs. So, we can help you look at the amount of cover you think you need and, taking your general state of health into consideration, can then come up with the cheapest quotations in the sector. And, we're talking about the entire UK insurance sector here - not just a few companies that we've cherry picked. One thing our expertise is particularly useful for, for example, is helping you make sure that you can access any special rates, discounts and deals that are on offer - it's be quite hard for you to know where to find these deals yourself but we can get them for you.