Level – Level term assurance is a policy that pays out a fixed lump sum if you die during the life of the policy. You have the option of deciding how much you want to be covered for and for how many years that cover is needed. If you live to the end of the chosen term, the policy ceases to exist and has no further value.
Decreasing – Decreasing term insurance is renewable term life insurance with coverage decreasing over the life of the policy at a predetermined rate.
Whole of Life
Whole life insurance, or whole of life assurance, is a life insurance policy which is guaranteed to remain in force for the insured’s entire lifetime. whole life policies are guaranteed to remain in force as long as the required premiums are paid, the premiums are typically much higher than those of term life insurance where the premium is fixed only for a limited term.
Family Income Benefit
Family income benefit is a type of life insurance that provides a regular income for your loved ones if you die during the term of the plan. Most families rely on at least one regular monthly salary to cover their household spending. This plan would pay a monthly amount to your family upon your death and continue this until the end of the term of the policy.
Critical Illness & Serious Illness
Critical illness insurance, is an insurance product in which the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the specific illnesses on a predetermined list as part of an insurance policy. All insurers list vary is what they will cover and the severity of the illness. That is where a broker will be able to help you identify the right product to suit you.
Serious illness Insurance is much the same as Critical illness the only difference is that it will cover more defined illnesses, they will not necessarily pay out the full cash lump sum of the cover. This will be paid out based on the severity of the illness diagnosed.