I understand what you're thinking. Another policy that's much like it can be a term life insurance policy, which in a few cases, simply stated as a term insurance. If you are a salaried professional, you may be offered group term life insurance by your employer.
Decreasing Term Life Insurance: Though the rates remain the identical throughout the term duration, the coverage amount decreases each medical life insurance year. An employee may contribute a really small portion of its premium, as the major contribution is usually made by the employer. As per such policies, in the wedding the insured person passed away, a certain quantity within the form of structured settlement, will be provided by the insurance company to the nominated loved ones of the deceased person, to ensure their well-being.
The Difference. Though the payout size may be quite limited, compared to an existence insurance policy, it can behave as a supplementary coverage at best. It can be a term life insurance policy that covers a group of people (usually employees) and pays out death benefit inside the event of demise of any one of them, to his or her beneficiaries. In many a case you have the option to convert to a permanent plan within a specific period of time. If you are diagnosed having a life-threatening illness, many insurers will allow one to start spending the complete life death benefit before your death.
Term Life Insurance OptionThe first price determining option for any policy is whether or not you want a "Term" or "Whole" policy. The starting point though, would be to have the quotes in the agents or online portals on insurance companies.