It’s easy to get confused when trying to understand which type of life insurance cover is better for you. We’ve tried to make it simple so that you can be confident that you purchase the right policy for you.
There two types of life insurance that we offer at Budget are:
1. Level term
With a Level Term Policy the cover amount is fixed for the length of the policy term. This means that if you pass away whilst the policy is valid, your family can claim for a set amount of money agreed at the beginning of the policy.
2. Decreasing term
A Decreasing Term Policy means that the amount you are covered for reduces over time. This will mean your family will be able to claim the current value of the policy. Your monthly payment won’t reduce on this type of policy, but the amount that can be claimed for will.