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Are there different kinds of term life insurance?
Are there different kinds of term life insurance?
Are there different kinds of term life insurance?
Yes. Term life insurance cover comes in a variety of forms, but essentially you’re
insured for a specific period. The policy pays out a lump sum if you die within the term, so you’ll get nothing if you live for longer.

The different types of term life insurance and their features include the following: 

Level term: The premium and level of life insurance cover stays the same throughout the term.

Decreasing term: The level of life cover reduces over time. This type of life insurance policy is
often taken out to cover mortgages or other loans where the amount owed decreases year on year. The aim is that if you die the outstanding loan can be paid off.

Policies can be taken out for a single life or couples can take one out together. If you do take out a joint policy, it will usually only pay on the first death during the term.
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Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking and investment services in terms of the Banking Act (Cap. 371 of the Laws of Malta) and the Investment Services Act (Cap.370. of the Laws of Malta).