Level Life

Level Term life insurance or term assurance is life insurance that provides a lump for a set period of time. After that period expires, the cover would stop.

After the covers stops, you could look to take a new policy out, however they would ask new health questions, and the monthly cost would be based on your age at the time.

This cover like most policies can be taken on a single or joint life basis.

This cover can be used to protect an Interest Only mortgage, a fixed amount that is required should you die or to provide a lump sum to look after the family on death. You can have it increasing to offset inflation, so that the amount paid out on death in the future would be more as the cost of living increases.

The monthly premiums are usually guaranteed, so will not increase for the whole term of the policy, unless you have the increasing cover, then the premiums would also increase.

An example would be you take £100,000 of cover over 21 years, this would pay out £100,000 if you or either of you died during the 21 years.