How many types of life insurance are there?

There are two different types of life insurance for consumers to choose from term life insurance and whole life insurance.

Term life insurance

Term insurance is a policy that will make a payout if you were to die during a fixed period of time like 25 years. But if you were to die after that period then there would be no payout. This type of product is usually used when the policyholder has a mortgage and wants protection knowing that upon their death the mortgage will be paid off.

Whole life insurance

Whole life insurance on the other hand will last throughout the policyholder’s whole life. It is guaranteed to payout upon your death to your family. This type of life insurance policy is more expensive than term because it will definitely payout, because we are all certain to die at some point during the life of the policy.

Compare policy features and benefits from leading life insurers with our life insurance comparison.