There are a number of ways you can take out lifecover, below are described the most common forms of protection.

Level Term Cover

Level Term Assurance is the most basic type of life assurance. For fixed monthly payments, the amount of life cover (also known as the sum assured is guaranteed for a fixed term. The lump sum is paid out if death occurs before the policy ends. Policies can be taken out in single or joint names and may also have the option to include other benefits.

Decreasing Term Cover

With Mortgage Protection Insurance (also known as Decreasing Term Cover) instead of the life cover remaining level, it gradually reduces over the term of the policy. It is most commonly used together with a repayment mortgage and the sum assured reduces broadly in line with the amount outstanding on the mortgage over the term. These policies are usually cheaper than level term due to the reducing nature of the cover but the premium is also usually fixed at outset for the term of the policy.

Convertible Term Assurance.

Convertible term assurance plans are those term assurances that have an option to convert to another type of life assurance offered by the same provider, such as endowment, without requiring further medical evidence.

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