There are different categories of Term Life Insurance policies available
. In the Level Term Insurance category a lump sum is payable to the family on the event of the death of the bearer of the policy. The sum of money to be paid under the policy remains unchanged throughout the entire period of the insurance policy term period. Under the category of Decreasing Term Insurance policies, the amount payable at the death of the policy bearer is decreased by a definite amount during the term. The amount decreases to nil by the end of the term. The purpose of such a policy cover is to pay off loans or mortgages where the payment amount is reduced per year.