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Compare level term life insurance.
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What is level term life insurance?
Level term life insurance means that the amount of cover you insure yourself for will stay fixed throughout the term of the policy. So whether you claim on day eight or day 8,000, the amount the policy will pay out will be the same, ensuring your family is protected financially should the worst happen.
On the other end of the scale, with decreasing term insurance. the amount that would be paid out in the event of a claim decreases over the life of the policy. So you might typically take out a policy to cover a repayment mortgage, which becomes cheaper to pay off over time.
Things you'll need to know before applying
What if I want to secure my legacy?
If all your assets added together come to more than 325,000 for things like your home, car, investments etc ( 650,000 if you're married or in a civil partnership), it's possible that inheritance tax may need to be paid on your estate.
Policies in trust aren't included in the total value of your estate. So placing your policy in trust means that any payout from your life insurance policy isn't taken into consideration with the rest of your assets.
This would also mean that your beneficiaries (whoever you name to receive the money), shouldn't have to wait as long to be able to receive payment. This is because it won't have to go through the probate process along with your other assets.
