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Decreasing Term - The sum insured reduces by a fixed amount each year, decreasing to nil at the end of the term. These policies are usually used to cover a mortgage or other loan and they pay any outstanding repayment if you die early. Remember, though, at the end of the term nothing is payable.
Increasing Term - The sum insured increases each year by a fixed percentage of the original sum insured. These policies are designed to increase your insurance protection as your earnings increase or against inflation.
Family Income Benefit - If you die during the term of the policy a regular income is paid to your dependants for the rest of the term. The income can be paid monthly, quarterly or yearly. Some policies provide an income which increases each year at a fixed rate - say by 3% or 5%.
Level Term insurance - The amount of cover remains fixed at the same amount throughout the term of the policy. (usually used for family protection or interest only mortgages)
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