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Life Insurance, the Universe, and Everything has since deteriorated. Decreasing term insurance Decreasing term insurance reduces cover year on year, with the policy holder usually requiring the cover for loan repayments such as a mortgage or to cover a potential inheritance tax bill. Renewable term insurance Renewable term insurance gives the policy holder the option to extend the insurance term when it comes to an end; the premium paid is the same at the start of the term, in spite of any deterioration in the policy holder's health. This may be beneficial to parents whose children stay in full-time education longer than originally intended. Alternatively if someone cannot afford the cover for the period they want, they could take out cover for a short period and extend it later with slightly high premiums. It might be a financial jungle out there, but it's not impossible to navigate your way through to financial security. Resources: http://www.moneynet.co.uk/insurance/life-assurance/index.shtml http://www.which.co.uk/ About Rachel: Rachel writes for the personal finance blog Cashzilla. http://www.cashzilla.co.uk Rachel eats a lot of Green and Black's chocolate, particularly Maya Gold -it's delicious and fair-trade too. « Previous Page « Last page » Discuss it »
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