Income protection insurance is an insurance policy that provides a monthly benefit if you are unable to work due to accident or sickness and pays out until you return to work, the end of the policy term (usually your retirement age) or upon death, whichever is sooner.
A decreasing term insurance policy is used to provide life cover for a Repayment (Capital & Interest) mortgage. With a decreasing term insurance policy, the sum assured reduces in line with the mortgage balance every month and is designed to last for the term of the mortgage.
A level term is used to provide life cover; the sum assured stays the same for the duration of the plan. This plan can be used to repay a mortgage debt and provide a legacy for loved ones.
