Level Term

Level Term Life Insurance is life insurance that provides a fixed amount of life cover for a fixed term that does not reduce over the term of the policy. One advantage to taking out a level term policy is that it is usually cheaper than a convertible term policy. However, one big disadvantage to taking out this plan is that there is no conversion option so when the term of your plan is up you will no longer be covered and there will be no guarantee that you will be able to get cover from another insurance company again.

Income protection insurance

How much term life insurance do I need?

The amount of cover you should have (your “sum insured”) will depend upon both your family and financial situation. In general, though, a life insurance policy should where possible:

  • Provide a lump sum to pay out all debts you owe (e.g. mortgage, car loan, credit cards).
  • Provide a lump sum to invest for future income.
  • Provide a lump sum to cover any known, large future expenses (e.g. school fees, adult child’s wedding).


Talk with an insurance specialist at Smart Financial to see if Level term cover is right for you and to discuss other Life Insurance options to give your family the peace of mind they deserve.

Got any questions?

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