We offer two types of Life Insurance – Level Term and Decreasing Term cover. You can also choose to add Additional Critical Illness Cover on your policy where the sum assured is a fixed amount which won’t decrease over time.
As the name suggests, Level Term cover provides a level amount of protection over the term of the policy. If you selected £100,000 of protection at the start of the policy for 25 years, you would be covered for this amount until the policy ended 25 years later.
Decreasing Term could provide you with the cover amount you need right now, then gradually decreases as the policy ages. If you select £100,000 of protection at the start of the policy for 25 years, gradually this will reduce down to £0 by the end of the policy 25 years later.
The monthly premiums for both policies are fixed at the start of the policy depending on the amount, type and length of cover you choose. The monthly premium on Decreasing Term will be comparatively cheaper than Level Term, as it offers less protection as the cover reduces across the term of the policy.