There are a few different types of term life insurance for policyholders to choose from. Learn more about each policy type in more detail.
This policy will pay out the same lump sum of money at any time during the life of the level term life insurance policy. This type of policy is bought alongside interest only type mortgages.
It will pay out a lump sum of money upon death, and it decreases by an agreed amount of money each year, ending up at zero by the end of the term of the policy. Again, a decreasing term life insurance policy is bought alongside repayment type mortgages. This is because the debt on the mortgage decreases over the years as payments are made.
This particular policy will pay out a lump sum of money that will increase by small amounts each year. Increasing term life insurance is used to provide protection against the effects of inflation.
Family income life insurance policies will offer the policyholder’s dependents and family a regular income after their death until the end of the policy term. There is no lump sum of money to paid out with this type of policy.
Compare policy features and benefits from leading life insurers with our life insurance comparison.
