There are 2 main types of life insurance – 'term cover' and 'whole of life'.
A term policy will, as the name suggests, provide simple low cost protection for a given period after which time the policy will lapse without value. Rates can be very competitive and will be influenced by your age on taking out the cover, whether you smoke and whether you are male or female.
With a whole of life plan you know that the insurer will be paying out at some time although this cover is likely to be more expensive. You will die at some stage and (as long as you have kept the policy going) the insurer will have to pay - even if you are 90 years old!!
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