There are two types of life insurance policies
- term life insurance and whole of life insurance.
The most popular and cheaper of the two is term life
insurance, which covers you for between five and 70 years.
If you pass away within the policy term, your loved ones get
a lump sum.
Whole of life insurance lasts your whole life so your family
get a guaranteed lump sum. The policy only ends when you
pass away, so the monthly premiums are more expensive.