Payout and monthly payments don't change
A fixed amount
For an interest-only mortgage or your family
From only £7 a month
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.
Serious Illness Benefit option
Developing a major illness can have a huge impact on your finances, as well as your health. Could you keep paying the bills if you fell seriously ill?
Our Serious Illness Benefit option could help ease the financial burden on you and your loved ones at a difficult time, when you may not be able to work. This insurance is simple and affordable, and pays out while you are covered if you have one of six serious illnesses that meets our definitions and survive for 30 days.
6 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
- Fixed monthly payments that never increase
- Plan for the future with a fixed payout and set monthly payments
- From only £7 a month - that's only 23p a day to help protect your family's financial future!
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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.
Who can apply?
You can apply for our Life Insurance as long as you are aged between 18 and 70, a UK resident and not a member of the Armed Forces, Army Reserve (previously known as the TA) or Reservists.
How much cover can I have?
This depends on the type of life cover you choose. The payout limit is £500,000 for all Level Cover and Decreasing Cover policies. And it’s £2,500 a month for all Family Income Benefit policies, up to a total of £500,000.
Will I need to provide medical information?
You’ll only need to answer a few simple health questions when you apply. We don’t need proof from your doctor, though, and we won’t ask for any. So please be honest and accurate. If you are, you could get cover in minutes. But please be aware that if you aren’t, we might not pay the full claim amount – and we could even cancel your policy outright.
How long do I need to make payments for?
You’ll need to keep making monthly payments throughout the period of cover, unless you die or a terminal illness diagnosis that meets our definition has been confirmed. You can stop making your payments at any time. If you do, your cover will end and you won't get anything back.
Can I reduce my monthly payments?
Yes, you can reduce the payment at any time to any amount, subject to the minimum of £7 a month for Life Insurance. If you choose to reduce your payment your cover amount will also reduce. If you have Serious Illness Benefit you may not be able to reduce your monthly payments to £7. This is because the cost of Serious Illness Benefit is worked out separately, even though we take both payments at once. Also, we will never increase your monthly payments.
Can I take out additional cover?
You cannot increase cover under your existing policy; however, you can apply for a new policy. Acceptance is subject to completion of our application process. Any additional Life Cover policy taken out will be subject to the terms and conditions applicable to that policy at the time it is taken out. Also, your partner can apply for a policy too – as long as they’re eligible for cover.
What if I stop paying?
If you stop making your monthly payments then your cover will stop. It is worth remembering that you won’t get any money back, as this is a life insurance policy and not a savings plan. So you can’t cash in your cover at any time.
What if I miss a payment?
Not to worry. Just make sure to pay the full amount within 60 days of the missed payment date and you’ll be fine. If you don’t pay in that time, we’ll have to cancel your policy right after the 60th day. You won’t get a refund, won’t have cover anymore and won’t be able to restart the policy.
Important things to know
Our Life Insurance has no cash-in value – it’s a protection policy only. If you stop making payments, your cover ends and you won’t get anything back. You can apply if you’re a UK resident aged between 18 and 70 and not a member of the Armed Forces, Territorial Army or Reservists.