Convertible term insurance provides the option to convert parts of the sum assured to whole of life, endowment or further term assurance without further medical evidence best insurance life term Decreasing term insurance is where the sum assured decreases over time; hence, the premiums are set lower best insurance life term This is commonly used to cover a mortgage best insurance life term Whole Life Insurance Life insurance that remains in force during the insured's entire lifetime, provided premiums are paid as specified in the policy best insurance life term Whole life insurance also builds a savings element (called the cash value) as a result of the level premium approach to funding the death benefit best insurance life term Burial Insurance Burial Insurance, or Final Expense Life Insurance, is essentially a whole life product with small face values best insurance life term The application process is simple and does not have the associated medical requirements of other policy types best insurance life term This type of life insurance is also referred to as a simplified issue or guaranteed issue policy best insurance life term Survivorship Life Insurance A type of whole life insurance which insures two people and pays benefits only after the second person dies best insurance life term It is generally designed to provide funds to pay estate taxes best insurance life term Universal Life Insurance An unbundled whole life insurance product in which the mortality, investment, and expense factors used to calculate premium rates and cash values are expressed separately in the policy best insurance life term In a universal life insurance policy, any applicable expense charges are deducted from the premium and the remainder of the premium is then credited to the policy's cash value best insurance life term Each month the insurer deducts the mortality costs from the cash value and credits the remainder of the cash value with interest best insurance life term Variable Life Insurance A form of whole life insurance under which the death benefit and the cash value of the policy fluctuate according to the investment performance of a separate account fund best insurance life term Most variable life insurance policies guarantee that the death benefit will not fal