Level Term

What is Level Term Assurance?

Put simply, Level Term Assurance is a type of life assurance which provides a single, lump sum cash payment should you die during the term of the policy.

Level Term is generally used to cover the following:

  • Provide replaced income for your spouse and/or dependants in the event of your untimely death
  • Clear outstanding mortgage debt
  • Funeral expenses

Generally, term policies do not pay out if:

  • Your death is caused by suicide in the first year or two of the policy
  • Your death is caused by a medical condition that was not disclosed to the life company when you took out the policy

How does it work?

You pay a regular guaranteed premium for the term of the policy in return for the specified cover.

How long does cover last?

You are covered for the life of the policy. This means that the Sum Assured (the lump sum cash payment) will remain the same for the length of the term of the policy. Once the term has ended the cover ceases even if no claim has been made.

Can I encash this policy?

There is no encashment value applied to this type of policy.

What Michael Hannon Financial Services can do for you?

Michael Hannon Financial Services is a large independent brokerage company in Ireland and we deal with many of the major life companies in the State. This allows us to research the market for you and identify the most suitable product to meet your needs and financial objectives, through the companies listed on my terms of business letter.