Level cover will provide the same amount of cover throughout the term of your policy. You’ll pay a fixed monthly premium and as long as you keep up with payments, you’ll be protected during the term. If you die outside of this term, there will be no payout. Generally, level cover is a bit more expensive than decreasing term.
Decreasing cover is exactly that. The amount of insurance reduces over time, roughly in line with the way a repayment mortgage decreases. With FRANKLi Mortgage Life Insurance, as your outstanding mortgage amount decreases, your benefit amount will also decrease over your policy term based on a fixed mortgage interest rate of 8%. When your mortgage is paid off, your cover ends. Your monthly premiums will stay the same for the policy term.