Level Term Assurance | Term Assurance | Spectrum FA Essex

What is Level Term Assurance?

Level Term Life Insurance is a life insurance policy that maintains the same premiums and level of coverage for the course of the policy. Should the policyholder die, a tax-free lump sum is paid out to the beneficiaries.

This type of policy can ensure your family/loved ones are protected and can continue their standard of living in the event of your death.

Most life insurance policies now include terminal illness cover as standard and you also have the option to add critical illness insurance to the life policy.

Spectrum Financial Advice have helped many families and individuals protect the areas that matter to them most by securing their family’s future.

With our expert advice and access to market-leading, reliable insurance providers, this allows us to recommend a suitable level of cover for your family based on your unique circumstances and needs.

Contact us today for a fee-free, no obligation review to find out how easy it could be to protect and secure your family’s future.

To speak with an expert, please get in touch.

Please also take a look at our frequently asked questions (FAQs) towards the end of the page.

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Contact Spectrum FA today for a Free, no-obligation quote with a specialist Level Term Assurance advisor.

Competitive Premiums

With our access to the leading insurance providers, Spectrum FA can source competitive insurance premiums.

Bespoke Service

Spectrum FA provide personalised advice tailored to your specific requirements to ensure you receive the right cover.

How Does Level Term and Decreasing Life Insurance Work?

With Level Term Assurance, you can decide who will be insured on the policy. As the primary policyholder, you can select an individual policy, covering you or your partner, or a joint policy.

You also get to choose the amount of cover you wish to be insured for and how long you want the cover to last.

In the event of a claim eg the person covered on the policy passing away, the level of cover will pay out to their chosen beneficiary/loved ones.

We will also advise on and arrange for any policy we recommend to be placed in a suitable trust (if required), naming your chosen beneficiaries.

It’s important to remember that the amount of cover chosen won’t rise in value with inflation.

What are the Benefits of Level Term Assurance?

The main benefit of this type of policy is that it provides financial security in the form of a guaranteed fixed cash sum for a fixed period of time for the policyholder’s family in the event of their death. The Life Insurance payout can be used to pay off debts, mortgage, cover funeral costs or provide an income for the family for everyday living expenses. It can ensure your family can continue their lifestyle and standard of living, knowing that there will be a fixed lump sum payout if you pass away.

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We have access to the leading Level Term Life Insurance providers in the market, which allows us to recommend the most suitable policies based on your individual circumstances.

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View some of our frequently asked questions that some of our customers have asked.

How much cover does Level Term Assurance provide?

A Level Term Life Insurance policy provides a death benefit (fixed payment) that is guaranteed to remain level for the duration of the policy term. The death benefit is the amount of money that the policyholder’s beneficiaries/loved ones will receive upon the policyholder’s death. This is set at the start of the policy and we will be able to recommend a suitable level of cover based on your circumstances.

The term is the length of time that the policy will remain in effect and the policyholder will be covered for. The term will depend on the needs of you and family and how long you need to be covered for.

What is the difference between Level Term Assurance and other types of Life Insurance?

Unlike decreasing term life insurance which is usually recommended to cover the outstanding balance for a repayment mortgage, this insurance is a type of life insurance that provides coverage for a specific period of time, for example, 10, 20, or 30 years etc. The death benefit remains level for the duration of the policy, and monthly premiums are also level. This type of life cover is typically used to protect against the financial impact of a breadwinner’s death. Other types of life insurance include decreasing or increasing term life insurance and whole of life insurance. It is worth noting that this product is sometimes referred to as level term insurance and in some instances the cover can be used to protect an interest only mortgage plus the household bills and expenses.

In addition, the proceeds will be tax free, if placed in a suitable trust. Otherwise, it can form part of the deceased’s estate and depending on the size of the estate, there maybe inheritance tax to pay. There will also be no income tax or capital gains tax to pay.

We will advice on a suitable trust (if required) and also arrange this for you, free of charge, as part of our service.

What is the term of Level Term Assurance?

The policy term is the length of time that the policyholder is covered for. The policyholder will be able to decide how long they want to be covered for at the start of the plan. The policy will pay out the sum assured if the policy holder dies during the term, regardless of the cause of death.

We will recommend a suitable policy term based on your individual needs and circumstances.

How much does Level Term Assurance cost?

The monthly premium for Term Life Assurance will depend on the following factors:

  • Age of the individual to be insured
  • An individual or a joint policy
  • Smoker status
  • Medical history & current lifestyle
  • Level or amount of cover – this needs to be sufficient to cover the needs of the family
  • Term or length of the policy
  • Which, if any, other add-ons/optional extras are selected, including critical illness cover

Certain optional extras will be at an additional cost and premiums also vary between policies/providers, so it is important you receive expert advice from a financial adviser to ensure you obtain the most suitable policy for your specific needs. To learn more, please contact our experts today.

Why use Spectrum FA?

Having advised many clients on the most suitable level of cover for them and their families, our experienced advisors are experts in this field. With the help of Spectrum FA, you will be able to put in place a policy that is specific to your circumstances, giving peace of mind for you and your family.

Being independent, we have access to the leading insurance providers in the market, at competitive premiums. We provide expert regulated advice and will tailor the cover to match the circumstances of you and your family.

We do not charge you a fee for our advice or service and you will speak directly to an expert who will guide you through the process and handle all the paperwork on your behalf.

To speak to an expert, please get in touch with us today. You can contact us by completing the contact form on the website, by phone on 01279 315 013, or by email at info@spectrumfa.co.uk.

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