Types of life insurance

There are many types of life insurance cover available and which can come as a single or joint policy.  Below we have listed the types of life insurance available:

• Level term - This is the basic type of life insurance cover where monthly premiums are paid on a fixed basis. The amount of the is guaranteed for a fixed term and this can be paid out if the person dies or before the end of the policy
• Increasing term – With this type of insurance the cover insured for will increase every year.  If you want to remain inline with inflation then this policy will be best suited to you.
• Decreasing term - A fixed monthly payment but the amount of life cover decreases slowly over time. This is similar to mortgage protection insurance.
• Convertible term – This life policy has the option to change to another type of life insurance e.g. endowment insurance, which will not need another medical assessment
• Index term – This policy allows the premium to be increased in line with the Retail Price Index
• Renewable term – This policy offers an option to renew the agreement without a health assessment when the policy is due to expire.

Life Insurance Guide
Why have life insurance Types of life insurance Where can I apply for life insurance? Cutting the cost of life insurance	"Life insurance can come as a single or joint policy. "