Level Term Life Insurance in Belfast & Northern Ireland
What is Level Term Life Insurance in Belfast & Northern Ireland?
With level term life insurance, your loved ones will get a set lump sum payment upon your passing (sum assured).
This indicates that the sum assured keeps its value for the course of the life insurance policy. Your loved ones will receive the same amount regardless of how long your level term life insurance policy has been in effect when you pass away.
Level term life insurance in Belfast & Northern Ireland is therefore the best option for securing major costs for your loved ones. You will have life insurance coverage for a predetermined amount of time (often up to a maximum of 40 years), and if you pass away within this time, a pay-out will be made.
However, the life insurance cover lapses and there will be no pay out if the level term’s conclusion comes before your demise.
Why not compare level term life insurance in Belfast & Northern Ireland using an FCA-regulated broker service like Life Expert? Our free, advised service can help you get quotes from our panel of insurers. Get level term life insurance in Belfast & Northern Ireland today with Life Expert.
- Affordable monthly premiums.
- Provide loved ones with a fixed payout.
- Payout amount up to £1,000,000.
- Term length up to 40 years.
How Does Level Term Life Insurance in Belfast & Northern Ireland Work?
A level term life insurance policy provides coverage for a predetermined amount of time; frequently, this is up to a term of 40 years.
Throughout the level term life insurance policy duration, the sum promised won’t change. This is different from decreasing term life insurance policies where the sum assured decreases over time.
Loved ones may file a claim and get a pay out if you pass away during the life insurance policies predetermined period.
Level Term Life Insurance in Belfast & Northern Ireland can help cover:
- Mortgage or rental payments – Average mortgage debt in the UK stands at £137,934[1]
- Day-to-day family living costs – In the UK households spend £2,548 a month on average[2]
- Outstanding debts in your name – Average total debt per UK household stands £60,935[3]
- The cost of your funeral – Average cost of a basic funeral is now £4,056[4]
- Provide an inheritance – To spend as they wish
Please note, if you outlive the life insurance policies term, cover will simply expire and no payout will be issued.
Level Term or Decreasing Term Life Insurance?
When taking out term life insurance you’ll typically have two options:
- Level term life insurance
- Decreasing term life insurance
While both policies provide cover for a specified period of time and will only pay out if you pass away during the policy term, there are some key differences to be aware of.
But, what’s the difference between level term and decreasing term life insurance?
Level Term Life Insurance in Belfast & Northern Ireland
- Provides cover for a specified period of time.
- Sum assured remains fixed throughout the policy lifetime.
- Ideal for covering large expenses, such as an interest-only mortgage, future family living costs, or an inheritance.
Decreasing Term Life Insurance in Belfast & Northern Ireland
- Provides cover for a specified period of time.
- Sum assured reduces over the policy lifetime.
- Ideal for covering a repayment mortgage or debts that decrease over time as your sum assured can reduce in line with payments.
Ultimately, the best policy for you will depend on your personal circumstances. Why not speak to an expert from Life Expert who can provide you with all the information you need.
Life Expert can help you get a full life insurance advised service, allowing you to find the most suitable life insurance policy at a price that meets your budget.
How Much Level Term Life Insurance Do I Need & How Much Does it Cost?
How much level term life insurance you need will depend on what you want to protect.
When determining how much life insurance you need, you’ll need to consider how much your loved ones will need to cover all essential expenses when you’re no longer around.
For example, family living costs + remaining mortgage balance + funeral costs + inheritance = sum assured. By adding these expenses together, you can establish how much life insurance coverage you’re likely to require.
Alternatively, you can use the handy life insurance calculator that Life Expert provides. To find the most cost-effective level term life insurance in Belfast & Northern Ireland, that meets all your needs, compare free life insurance quotes with Life Expert.
The exact cost of level term life insurance in Belfast & Northern Ireland will depend on your personal circumstances.
When applying for level term life insurance in Belfast & Northern Ireland, insurers will take key information into consideration when calculating your monthly life insurance premiums.
Information required during the level term application process includes:
- Age
- Smoking status
- Medical history
- BMI
- Length of cover
- Sum assured
As the sum assured remains fixed throughout the policy term, premiums tend to be more expensive than with decreasing term life insurance (where your risk to the insurer reduces).
However, it’s still possible to secure affordable level term life insurance.
Level Term Life Insurance with Critical Illness Cover
Critical Illness Cover can be added to a level term life insurance policy. If you’re diagnosed with a serious illness, level term life insurance with critical illness coverage lets you file a claim right away.
Critical illness insurance typically covers a list of 30 ailments, including heart attack, stroke, and several types of cancer. According to the insurer, this can be more or less extensive.
If you are unable to work, the money from your critical illness insurance can be used to make up for missed income. You can therefore keep living the way you already do, or you can pay for private medical care.
Some carriers offer the option to purchase critical illness insurance as a stand-alone policy.