Payout and monthly payments don't change
A fixed amount
For an interest-only mortgage or your family
From only 17p a day!
Protecting the family and home
With level term life insurance, you can set the amount of money to leave when you're gone. Take out our Level Cover Life Insurance to cover the loan on an interest-only mortgage or help provide financial security for your family for years to come.
7 reasons to get Level Cover Life Insurance
- Don't lose the family home with a payout that covers the mortgage
- Responsible for others? Leave money to help them avoid financial hardship
- Leave more than memories with a financial gift for loved ones
- 5 star Defaqto rating for cover, features and benefits
- Fixed monthly payments that never increase
- Plan for the future with a fixed payout and set monthly payments
- From only 17p a day to protect your family!
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Looking to cover a repayment mortgage? With typically lower payments, our Decreasing Cover can cover what's left on your mortgage.
Answers to your questions
What is Level Cover?
Level Cover has a payout amount that stays the same for the term of the policy, as does how much you pay each month.
As the payout amount does not change over time, it won't increase in line with inflation. The monthly payment for Level Cover is set, so is the length of time you pay for – you decide the term and payout amount when you take out a policy.
How does it work?
Level Cover is quite straightforward. For example, you may set the length of the policy term to 25 years and the payout amount to £100,000. So, if you were to pass away at any time during that 25 year term, the payout to your loved ones would be £100,000.
It doesn't matter if you die after the first year or in the last year of the policy the payout would be the same.
Why choose Level Cover?
Because the payout amount is set, you can match it to a fixed debt that your loved ones may have to face after you're gone or provide a sum of money so your family can maintain their standard of living.
This could be the same as the loan amount of an interest-only mortgage, so it can help your family clear the mortgage or even a sum to cover a house deposit and tuition fees. Having Level Cover Life Insurance in place can give your family peace of mind that the mortgage will be paid off when you pass away. So your loved ones won't have to struggle to meet monthly payments, or move to a different property. And indeed, many new homeowners take out life insurance with this in mind. Or, your family could invest the payout for any dependants you have or use it to help support them.
Whatever your needs, leaving a set amount can give you and your family peace of mind.
How much can it pay out?
Level Cover can pay out up to £350,000 as a single payment.
What amount is right for me?
Every family has different needs. To work out how much your family will need when you're gone, start by calculating any debts that may be left for them. These could include a house mortgage, as well as any unsettled personal loans.
Also, think about how much money your partner and any children would need each year to keep living their lives comfortably. For example, if you have young children, it's a good idea to take out enough that will last until they become financially independent. You may have to consider tuition fees and who knows, even money set aside for a wedding or two or house deposit to get them onto the property ladder.
In any case, it's financial protection for a time when you're not there to provide for them.
Will I need to provide medical information?
Yes, when you apply you'll need to answer a few simple health questions. You need to answer these questions accurately and honestly. Depending on your answers you could be covered in a few minutes.
Important things to know
We won’t pay a claim on death if it was as a result of suicide or intentional self-inflicted injury within 12 months of the start date of your policy.
We won’t pay a claim on terminal illness if you don’t meet our definition of terminal illness; or terminal illness is caused by intentional self-inflicted injury within 12 months of the start date of your policy.
We won’t pay a claim if you don’t keep your payments up to date as you will no longer be covered under the policy. Or if you don’t tell us something or give us incorrect details which would have affected your cover. If you’re a UK resident aged between 18 and 70, excluding members of the Armed Forces, you can apply.
The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London EC3V 0RL.