Term life
Covers you for a set number of years and pays out only if you die within the term. It is the cheaper, most common choice — good for covering a mortgage or while children are young.
Whole-of-life
Covers you for your whole life and is guaranteed to pay out eventually, which makes it more expensive. Often used for estate planning.
Frequently asked questions
Which do most people need?+
For protecting a mortgage or family during working years, term cover is usually the cost-effective fit.