Guide to Life Insurance

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The different types of life insurance cover

Perhaps the two most important levels of cover are the term insurance policies and the whole of life policies, which specifically cover you in case of your death

Life Insurance Cover	Comments
Term Insurance	Provides cover for a fixed term and will only pay out if the person who is insured dies during that fixed term and the premiums have been paid throughout the contract term. Usually, a high level of cover available for low premiums.
Whole Life	Provides cover for the life of the insured person as long as the monthly premiums are paid. Premiums are usually higher than those of term Insurance.
Key Person / Key Man	Provides cover for vital business people should they not be able to work. A variety of this is where a major shareholder or partner’s equity is covered should they die and the remaining partner or shareholders want to keep hold of the equity.

The above table shows the basic categories of life insurance. Each of them, have different features which make them attractive to different people.

Ensure you understand the difference between Term insurance &
Whole of life insurance.

Term insurance provides protection against death during a specified period and whole of life insurance provides protection against death at any time. This is a very important distinction to make. Term insurance will last for between one and about 30 years. Should you die during this term, you will receive a benefit. Whole of life insurance will always result in a payment. How much that payment is depends on what type of policy it is and the performance of any investments within the policy.

If you have Term insurance, the policy will only pay out if the life assured ends during the term of the policy. After this term, the beneficiary will not receive any payment.

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Guide Contents

What is life insurance?
The different types of life insurance cover
Term insurance
Whole life insurance
Shopping around for life insurance UK
Apply for life insurance
Make a claim
Life insurance FAQ
Where to get more life insurance help

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