Level cover will remain the same for the life of the insurance policy and is best suited for interest only mortgages and family protection. Decreasing cover will decrease each year by a set amount and is a cheap & affordable way to provide cover for a capital repayment mortgage.
Guaranteed premiums will remain the same for the whole life of the plan once your insurance policy has been accepted. Reviewable premiums usually start lower and will increase after 5 years and reviewed periodically thereafter, generally increasing and may increase beyond your budget in later life.