We’ve tried to strip out as much confusing Life Insurance jargon as possible. But we’re afraid this dynamic duo stuck. So, in a nutshell:
- *Level Cover:* means the cover amount that would be paid out if you were to die, or get diagnosed with a terminal illness and given 12 months to live by the relevant medical professional, remains the same throughout the term of the policy.
- *Decreasing Cover:* means the cover amount that would be paid out if you were to die, or get diagnosed with a terminal illness and given 12 months to live by the relevant medical professional, would decrease gradually month after month, over the course of your policy term. Generally, this is used if you’re wanting to have a backup plan for loans or mortgages where the balance owed decreases over time.