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Decreasing Life Insurance
With decreasing term insurance, you purchase life insurance for a specific period of time, such as 20 years. The death benefit gets smaller over the term, and diminishes to practically nothing in the final year. This type of life insurance is designed to protect your mortgage repayments. Since your mortgage is being reduced over the time, so is cover.
Guaranteed Insurability
This option provides you with new, increased assured payout sum in the case that you move to new bigger property, and you need to cover for larger mortgage. In this case, your monthly premium will increase as well.
Indexation
Indexation is an option which enables you to protect the assured payout sum from inflation. You will be expected to increase the payments of your montly premium each year in line weith some pre-agreed percentgage.
Level Term Insurance
Level term insurance offers a fixed price and fixed payout upon the event of death, for a predetermined time period usually 5, 10, 15, 20, 25, or 30 years. If insured person survives the predetermined period than no payout is received. Same as Term Insurance.
Life Insurance
A form of insurance on the life of a person. If the person dies then the insurance policy pays out a sum of money to the policyholder (such as a person's family). The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured.
Life Assurance
Same as Life Insurance, though this term is preferred in England.
Premium
The amount of money you pay, usually on the monthly basis, for a choosen type of insurance.
Term Insurance
Usually a low-cost insurance protection during a limited number of years but expiring without value if the insured survives the stated period... Same as Level Term Insurance.
