Level term insurance – this type of insurance is a fixed term policy that pays you if you happen to die during the term. It usually provides cover for fixed long-term debts such as a mortgage.
Decreasing term insurance – As the name implies, this type of policy is fixed term wherein the amount of payment which you will get, keeps decreasing annually according to the amount of your mortgage. That is, this policy is suitable for those who keep remortgaging and hence have their overall loan repayment reduced with time.
Family income benefit insurance – Similar to level and decreasing term insurance, this policy offers a constant stream of income rather than a lump sum to your family for the remaining term that is left after your death.
Whole-of-life insurance – With this policy, you are covered for the rest of your life and your family gets a payment regardless of when you die.