What other options do I have?
Another option is level term life insurance. This is similar to decreasing term insurance in that you choose the period of time the policy runs for. However, with level term insurance, the lump sum payout in the event of your passing (as long as you pass away within the policy period) is fixed so that your loved ones are guaranteed an agreed amount of money.
Alternatively, whole of life policies, as the name suggests, guarantees a payout regardless of when you die – these tend to have the highest premiums of all life assurance policies. For more information on whole of life policies, call our advisors at Life Search on 0800 072 1141 (Mon-Fri 8am - 8pm Sat 9am - 2.30pm). They're really friendly and just at the end of the phone to help you figure out just what you need.