life insurance

Term Insurance

The most basic type of life insurance is known as term insurance. With term insurance you choose the amount you want to be insured for and the period for which you want cover. If you die within the term, the policy pays out to your chosen beneficiaries. If you do not die during the term, the policy will end and there is no surrender value.

There are two main types of term assurance to consider – level term and decreasing term insurance.


Level term insurance

A Level Life Insurance plan provides you with an amount of cover that stays the same throughout the plan. It is designed to cover a fixed debt, such as an Interest Only mortgage, or provide a lump sum for your dependents in the event of your death.


Decreasing term insurance

A Decreasing Life Insurance plan provides you with an amount that will reduce over the requested term. This type of plan is designed to be used with a repayment mortgage where the outstanding loan decreases over the same time.

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