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This insurance (or policy) can be for a fixed sum insured or for a sum insured that reduces over the term of the contract. It is not really a method of saving (as there is not usually a payout at the end of the term), but a cost-efficient way of providing for dependants on the death of the breadwinner. If the life insured survives the term of the policy, the policy has no further force, and all obligations on insurance company and policyholder alike ...