Level Term Assurance is life assurance that pays out a set amount if you die within the term of the policy.

Level Term Assurance is usually used to cover fixed repayment values; for example, an interest only mortgage where the amount you owe remains the same until the end of the mortgage, or to provide a sum to your family to help support them until they can become financially independent without you.

When a term assurance policy expires, it has no value. This means that if you do not die within the term, you will not receive any money back.