Life Insurance / Takaful – Level Term and Decreasing Term Cover


Level Term is cover which is set out over a fixed period of time before it expires, with the common range being between 10 and 30 years. In level term insurance / takaful products the premium and the cover/benefit of this type of policy remains constant in value, the value does not reduce over time. There are a range of benefits which can be added on to these policy types.

Decreasing TermĀ cover is a reducing term product which see the benefit amount decrease over the term of the policy at a predetermined rate. The premiums usually remain constant throughout the coverage period and the cover amount reduces either monthly or annually. This policy type is usually the best cover type for assigning to home/property finance mortgages.

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