What is Level Term Life Assurance?
LEVEL TERM ASSURANCE POLICY FEATURES
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A policy for a fixed number of years.
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A guaranteed sum assured (amount of cover) paid on death during the term of the policy.
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No cash in value at any time.
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No surrender value.
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Premiums can be guaranteed or reviewable throughout the term.
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Many companies now offer the option to increase the sum assured in line with inflation - your monthly premium will also be increased annually by the same percentage.
LEVEL TERM ASSURANCE POLICY BENEFITS
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Life cover for family protection.
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Life cover for interest only mortgages.
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Can be purchased with or without critical illness cover.
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Normally includes terminal illness benefit as part of the standard policy.
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LEVEL TERM ASSURANCE POLICY LIMITATIONS
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You may want to extend the term, but this is not possible.
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If your state of health changes during the policy term you may not be accepted for any further life assurance.
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No investment element.
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The fixed sum assured will not take account of inflation unless you choose a company which offers this facility at the beginning of the policy.
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