Some common types of life insurance include:
Family income cover
With Family Income Cover a set amount is paid to the beneficiary(ies) every month for a set period of time on the death of the life insured,
Guaranteed Issue Insurance
Guaranteed Issue Insurance normally provides accidental death insurance initially (usually first 2 years), and then cover for death by natural causes as long as premiums continue to be paid.
Future Insurability
Future Insurability insurance allows you to have a pre-determined amount of life insurance at a future date without health questions being asked.
Payment options for life insurance
There are a number of options for how life insurance can be paid. Some of these include:
Yearly increasing premiums. The premium get dearer as you get older.
Level premiums. The amount you pay for life insurance stays the same for an agreed fixed term.
Reducing cover. The amount you pay stays the same, but the amount of insurance reduces over time.
