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Types of Life Cover

There are two main types of life cover: term insurance, and whole-of-life assurance.

Term insurance is the most popular kind of cover. It pays out a lump sum or a monthly income if you die within a set period of time. If you don't die, then the policy simply lapses and you get nothing back.

Whole-of-life assurance, as the name suggests, offers protection for your lifetime until your eventual death, whenever it occurs, and therefore premiums are much higher.

Types of term insurance

There are several types of term insurance, so it's important to understand which is likely to suit you best.

Level term insurance

Level term insurance pays out a fixed lump sum if you die during the policy term. This lump sum doesn't change over time, so you know exactly what any dependents will be left with in the event that you die.

Decreasing term insurance

If you are looking for life insurance to cover a debt that will gradually reduce over time, such as a repayment mortgage, then decreasing term insurance is worth considering.

With this kind of cover, any pay-out also reduces over time, which means the premiums are lower than for level term insurance.

Whole-of-life insurance

As the name suggests, a whole of life insurance policy provides cover for your entire lifetime. It guarantees a lump sum payment at whatever age the policyholder dies, provided premiums have been paid continuously from the start of the policy.

The proceeds of the policy will usually go to the policyholder's family or beneficiaries of their estate.

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