Level term life insurance refers to a specific type of life insurance; also often called level term life assurance.
The 'level' part refers to the fact that the payout is always the same, regardless of when the policy is called upon.
'Term' means the policy lasts for a specific period, for example 20 years.
These policies are popular where you only need to be insured until a certain period.
This could be for while your children are growing up, or while you are married or with a partner.
Basically, it's handy anytime where you have a beneficiary.
If you are single then there is no real point in getting this kind of insurance.
It is sometimes called life assurance as assurance means something that is sure to happen - i.
e.
your death! But that still doesn't mean you will die within the period of your policy.
So that is why both terms are interchangeable.
As with other types of insurance, the higher the payout you require, the more you will need to pay each month in premiums.
You need to make sure your payout is large enough to pay off your debts, as well as leave your dependents enough money to live with.
If you have more health problems, smoke, or are older, then your policy will also be more expensive.
You usually need to have given up smoking for at least a year to count as a non-smoker.
Remember to check different brokers and insurers before you get your policy, as you can save a lot of money by going to the right insurer.