What kinds of term life insurance are available?
There are two kinds of term life insurance available. These are:
Decreasing term life insurance - This type of policy is suited for people who would like to take out insurance to clear a specific kind
of debt that is already decreasing over time, such as a mortgage. People also take out decreasing term insurance in order to save money on monthly
Level term life insurance - A policy of this kind covers you for a set period of time, such as 20 years, which will be agreed when you
first take out the policy and will be maintained as long as you continue to make the monthly payments. If you pass away during this period of time,
a lump sum will be paid to your beneficiaries