Term Assurance in the North West – Level-Term Life Insurance Policies
A level-term policy pays out a lump sum if you die within the specified term. The amount you’re covered for remains level throughout the term – hence the name. The monthly or annual premiums you pay usually stay the same, too.
Level-term policies can be a good option for family protection, where you want to leave a lump sum that your family can invest to live on after you’ve gone. It can also be a good option if you need a specified amount of cover for a certain length of time, e.g. to cover an interest-only mortgage that’s not covered by an endowment policy.
Decreasing-Term Life Insurance Policies
With a decreasing-term policy, the amount you’re covered for decreases over the term of the policy. These policies are often used to cover a debt that reduces over time, such as a repayment mortgages.
Premiums are usually significantly cheaper than for level-term cover as the amount insured reduces as time goes on. Decreasing-term insurance policies can also be used for inheritance tax planning purposes.
Interested in learning more about term assurance in the North West?
Contact us today for a free meeting on where to get started, or check out our social media for more information our advisors can give you the best guidance on where to start.
We cover the following areas in the North West:
We operate throughout the UK. Get in touch with our team to arrange your initial consultation.