Life insurance policies provide your loved ones with a cash payout if you are no longer around or unable to work.
This type of life insurance policy provides a financial payout to your beneficiaries if you, the policy holder, were to pass away within a certain set period of time. This payout may be provided in monthly instalments or as a lump sum depending on the policy holder’s preferences.
Level Term Assurance policies grant your loved ones peace of mind when you can no longer provide for them. It can help ease their financial burdens, such as mortgage repayments, debts, and other household bills.
If the policy holder lives beyond the fixed policy term, they will no longer be covered by the policy, and may need to open a new policy if they wish to remain covered.