Level term life insurance
A level term policy fixes the amount of insurance and means you’ll know exactly how much your loved ones will receive if you die. With these kinds of policy, the amount you are covered for stays the same for as long as the policy runs. The monthly cost to you also stays the same.
This means you can budget for it easily. Also should you die before the policy ends, you’ll know that your family will be able to cover some of those predictable costs that you wanted the policy to take care of, including the mortgage and possibly funeral costs.
Level term insurance policies may include additional benefits, such as cover should you be diagnosed with a terminal illness. However, some insurers don’t include this benefit in the final 12 months of a policy.
As with any other form of life insurance, the cost of a level term policy is based on the amount of cover, the length of time you need cover for, as well as your individual circumstances.
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