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Level Term Assurance – This provides a level cash lump sum over a specific period in the event of death. You choose the term and the amount of cover you require. This is mainly used for family protection to cover dependants whilst they are still financially reliant.
Decreasing Term Assurance – This provides a reducing cash lump sum over a specific period in the event of death and is mainly used to cover a repayment mortgage where the outstanding loan reduces over the term. You can select the sum assured and term and what interest rate you want to assume to ensure that there is sufficient cover for the outstanding mortgage at any given period.
Family Income Benefit – Usually less expensive than level term assurance as you are providing a replacement income in the event of death during the remaining term rather than a lump sum. So if you take out a plan for 20 years and die after ten then the income payments become payable at this point for the remaining ten years.