Level Term Assurance also known as Guaranteed Term Protection ensures that the people that matter most to you are financially protected if you die. This cover remains level throughout the term of the policy.
A couple have a choice between two types of Level term cover.
1. Joint level term cover. With joint cover the lump sum insured will be paid out on first death and then the policy matures.
2. Dual level term cover. With dual cover both lives have life cover. On first death a lump sum will be paid out however the policy will not mature as the second life still has their life insured. The policy will only mature if the second life dies and a second lump sum is paid out or when the term expires.
You can also add Serious illness cover to this policy. For more information on Serious Illness check out our serious illness cover page.
An example of how much Level term cover costs.
The monthly premium for joint life level term assurance cover of €200,000 over 35 for a couple aged 25 who are non-smokers would be €22.33.
You can also opt for a dual level term policy which covers both of you separately for 200k. The premium for this cover based on a couple both aged 25 and non smokers over 35 years would cost €22.74 monthly.
Premiums correct at 15/06/2015
Level Term Convertible
When you take out a level term policy you also have an option to take out a conversion option also known as a protection continuation option. This option allows you to extend the term of your policy without additional medical evidence.
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