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What type of life insurance do I need?

It's not easy to compare life insurance types but you can personally determine what type of life insurance you need. Though it's recomended you take advice to ensure you are adequately covered. 


When determining the type, we typically look at the Term and the Amount Insured.

The Term is the time you are insured for you can have "Term Life Insurance" or "Decreasing Life Insurance" with a specific end date or "Whole of Life Insurance" which runs continually up to death.


The Amount Insured is determined by you. Though you can have it at a fixed amount or with "Decreasing Life Insurance" it can reduce over the years. 


Whole of Life Insurance / Life Assurance

This insurance policy runs indefinitely or until you die. It is therefore guaranteed to pay out but premiums tend to be more expensive. 


Term Life Insurance / Fixed Life Insurance

This insurance policy runs for a set number of years and pays out if you due within the initial term.


Decreasing Life Insurance

This insurance policy runs for a set number of years and pays out if you due within the initial term. The amount that is paid out reduces every year of the term. It can be a cost-effective option (and useful to insure against a reducing mortgage balance.)


Joint Life Insurance

Joint Life Insurance has two insurable persons on the policy. It can be cheaper than two single policies but policies only pay out on the first death.

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