Different types of life assurance

Level term insurance

• Level term insurance is when a lump sum is paid out if the policyholder dies during the policy’s term. With this type of policy the mount paid out stays the same.

Decreasing term life insurance

• Covers things such as mortgages whereby the sum decreases during the policy as the mortgage is repaid.

Renewable term insurance

• Renewable term insurance gives an option to continue cover without a health review.

Convertible term insurance

• Convertible term insurance is like level term insurance but with the option to revert to whole life insurance.

Increasing term insurance

• Increasing term insurance rises every year to help combat inflation.

‘Whole of life’ insurance

• This ensures the payment of a lump sum when the policyholder dies, at any time of life, so long as the payments are kept up.

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