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Level Term Assurance - fixed premiums for a number of years and a full payout on claim at any point during the term. Increasing Term Assurance - the cover increases every year without the need for a medical. Not as popular as Level Term, but it should be as people may require additional cover in line with increases in their income and inflation. Decreasing Term Assurance - the payout reduces over the cover period at a flat fixed rate each year. Mortgage Protection Assurance - life assurance where the lump sum reduces in line with the outstanding mortgage balance over time. |
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Renewable Term Assurance - a short term policy and therefore cheaper initially, and commonly used for protecting Company Directors. Importantly, it can be renewed without further medical evidence. Family Income Benefit Assurance - instead of paying out a lump sum, this type of cover provides a tax-free annual income until the end of the term specified at outset. Whatever policy you choose, you should always consider putting your policy in Trust. For couples we often recommend single life policies over joint as this represents better value for money. |
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