There are several options available to you when it comes to a policy:
The amount you are covered for is fixed when you start paying your premiums and it stays the same throughout the term. A guaranteed lump sum will be paid if you die during the policy term.
Decreasing term (also known as mortgage life insurance)
With these policies, the level of cover reduces over the length of the policy, similar to and often in line with the way a repayment mortgage decreases. Decreasing term is commonly used to cover the outstanding balance of a standard repayment mortgage.
Critical illness cover
Provides you with a lump sum if you are diagnosed with a defined critical illness such as some types of cancer or a stroke, during the policy term.
A joint policy can cover you and another person, paying out only once following a claim and then ending. A joint policy can be cheaper than taking out two single policies but it’s worth running quotes for both to see what best meets your needs.
Terminal illness cover
Policies that provide this type of cover may pay out before death if the policy holder becomes terminally ill.