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What are the main types of life insurance cover?

There’s a wide variety of life insurance policies designed to suit different needs. These are some of the most popular. 

Level-term life insurance pays out a fixed amount of money, for a fixed period of time, which you choose when you buy. It can help cover debts like an interest-only mortgage. If you pass away within the chosen time period, the policy pays out a lump sum to your beneficiaries.  

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Decreasing term life insurance is a type of fixed term policy aimed at people whose financial commitments reduce over time – for example, if you’re repaying a mortgage. Because the payout reduces over time, this type of life insurance is generally cheaper than level-term insurance. 

Whole of life insurance, also called whole of life assurance, is a policy that lasts as long as you do and always pays out if you die (as long as you’ve kept up with monthly payments). This type of policy is often used to offset inheritance tax payments. Please note, we don’t offer whole of life as a standalone policy. 

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Joint life insurance is a life insurance policy that covers two people (typically a couple), but it only pays out once. Usually, this payment will be a lump sum, which goes to the survivor if the first person dies during the term of a policy. When the policy ends, there’s no further life cover for the survivor and they’ll have to look for another policy if they still want cover. 

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