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“Whole of life”, “Term insurance”

What is the difference? – It’s a little bit like…

While both life insurance policy models are useful in protecting you and your family, there are commonalities and differences that you'll need to factor in to make this decision.

Think of the difference between renting a property for a period of time and buying one. When you rent, you have the benefit of living in that property for the duration of your contract. If you buy a place, you have that property for the rest of your life. The choices between whole life and term insurance policies really offer something for everyone.

  • If you're looking to purchase a life insurance policy for a specific period of time, then a term life insurance policy is likely your best option.
  • If you're in the market for an insurance policy for life which provides you with cash value over the life of the policy, then a whole life insurance policy is your best choice.
  • No matter what choice you make, be sure to talk to a trusted and knowledgeable life insurance adviser before you make any big decisions.
  • There's obviously a lot to think about when addressing your life insurance needs so take some time to get some professional help when you're in the market for life insurance.

Term insurance – like ‘renting’ life cover for a period of time

Terms insurance

Lifetime or Whole of life insurance – like ‘buying’ your life cover

whole life insurance