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Level Term Assurance Level term assurance is a form of life assurance that pays out if you die or, as in the case with some policies, you are diagnosed as having a terminal illness, during the term of the policy. If you live to the end of the term, the policy expires and no payment is made. Similarly, if you stop paying the premiums at any time, cover will cease. These policies are often also available with a critical illness option at an extra cost. This would then provide a lump sum if you were to die or to suffer a serious illness during the term of the policy. You can take out level term assurance either in your own name or in joint names.
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