There are two main types of policy to think about.
1. Level-term insurance gives you cover for a fixed amount of money, for a fixed amount of time. If you pass away within that period, the policy pays out a lump sum. Useful if you want to leave a lump sum for your loved ones so they can continue with their way of life.
2. Decreasing cover insurance designed for people whose financial commitments will reduce over time. For example, if you’re repaying a mortgage. The amount of money needed after your death to cover the mortgage will naturally decrease as you pay it off.