What are the Different Types of Life Insurance Available?

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What exactly is term life insurance?

Term Insurance is life insurance which only covers you for a certain duration of time. This type of insurance can cover from 1-35 years , although the most common period is 10 to 20 years of coverage. Term life insurance differs from whole life insurance on the point that even if you die one day after your coverage expires, your beneficiary will not get a payout. This type of life insurance is temporary in nature and is for a set duration of time.

Is all term insurance the same?

No, there are several different types of term insurance.

“Level term insurance” is the most common form of term insurance. With this type of policy, you will always pay the same amount of money to your insurance provider every month. The premiums do not change over the life of your insurance policy and this makes it useful to plan your monthly spending budget.
“Renewable” term insurance means you are are able to renew your life insurance cover when the term level insurance expires. However, the premiums for the term insurance would often increase as you're older now and have a higher risk of death versus before.
“Decreasing” term insurance is the type of life insurance most often used to cover a mortgage. The original amount of coverage decreases as you pay down the mortgage.
“Increasing” term insurance is generally used to combat inflation, so the payout amount increases over time and the real dollar value of your policy is left unchanged.
“Family income benefit” is a form of term insurance which pays your beneficiary a monthly income instead of a lump sum payment if you die during the term cover. The most important thing to note about this type of insurance is it is only applicable for the remaining term of the life insurance cover. E.g. You'll only receive one year's income if the policyholder dies with one year remaining on their term insurance cover. This type of insurance would be more affordable compared to a level term insurance plan.

How much term life insurance do I need?

This will depend upon your individual circumstances. You may already have some type of life insurance and you just need an addition to the level of coverage you have. It is advisable for adults with young children to have a higher amount of coverage to ensure their children can afford University and will not be in a financial hole if the parents are no longer able to work.