If you’re looking at buying life insurance, then you may want to consider level term life insurance
Level term life insurance is quite simple. ‘Level’ means the payments never change throughout the duration of the policy. ‘Term’ means the number of years the cover is active for, for example, 15 years, 20 years, 25 years, etc.
In essence, level term life insurance means you pay a fixed sum every month for life insurance to cover you for a fixed period of years. If you pass away while the term and cover is active (and providing payments are current and up to date) your loved ones will receive a lump sum, to cover financial worries following your passing, giving you and your family peace of mind.
Whether or not this cover is for you depends on your circumstances. If you have a partner and family to think about then this kind of cover can be ideal and extremely beneficial. If your partner does not work, and instead stays at home to take care of the family and household, you may want to get cover for them. Their death could mean the departure for you from full time employment. If you are single, with no dependents, you may want to better invest the money elsewhere.
The way to decide is to ask yourself how many people are financially dependent on you, and how strong is the dependency? Also bear in mind whether your family has the means to cover what can be quite costly funeral expenses.
Different things will affect your quote. For example, particularly high pay outs will incur higher premiums. Bear in mind when deciding a pay out figure how much you really need to get cover for. Think realistically about would be required to pay off any outstanding debts and allow you family to live comfortably in your absence.
The shorter the term, the cheaper your level term life insurance will be. If your family includes children, you may want to get cover for the number of years left until all children will have completed their education. Bear in mind whether not you’re aiming to get your child into university.
Your health and lifestyle will also affect your quote. Use an insurance comparison site to get different quotes from several providers with the submittal of only one form. If you’re still not happy, shop around for life insurance specialists to get the right cover at the right price.