Level Term Life Insurance bought through E&L® is designed to pay out a fixed cash amount in the event of death. With this type of plan you choose the length of time you want the policy to run for and the level of cover needed at the start of the plan. The level of cover remains the same throughout the term of your policy.
The policy can be set up as either a single life plan or as a joint life first death policy, in which case the sum insured is payable on the first death. Cover for diagnosis of a terminal illness during the plan term is covered in most cases for no extra cost.
You can also add Critical Illness cover to most level term life insurance policies for an additional premium. The main benefit of adding critical illness cover is that it will pay out for death or the diagnosis of a specified critical illness, whichever occurs first.
The policy will cease on payout of the sum insured value. If you live beyond the expiration of the term of the policy and therefore no sum insured value has been paid then the plan ceases as this product has no cash value.
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