Level Term Insurance
Level term is life insurance that pays out a guaranteed lump sum in the event of the death of the insured person within the term of the plan.
If desired, critical illness cover may be included, at an extra cost. Critical illness cover can normally only be included when the policy is originally taken out.
The cover will end on a specified date, which will be detailed in the policy document.
There will be no cash return, except in the event of a claim within the term of the cover.
If the premiums of the level term plan are guaranteed, this means they are fixed and will not increase for the duration of the level term plan, unless indexation has been selected at outset, in which case the premiums and the sum assured will increase in line with the chosen indexation.
If the premiums are reviewable, your premiums can be increased if your insurance company has heavier than expected claims from its other customers.
