Cream have access to different products for different needs…

If you would prefer your life insurance to last for your whole lifetime rather than a set term, you want whole-of-life cover, which is also known as life assurance.

Insurers tend to use the word ‘insurance’ if there is a risk that something might happen within a given time frame, and ‘assurance’ when something is certain to happen.

This type of policy doesn’t have an end date, so you pay your premiums until you die, at which point the policy will pay out some policies ask that premiums are paid only until you achieve an advanced age – perhaps 85.

As a pay-out is certain, life assurance is much more expensive than term insurance.

Because of the way it is designed, whole-of-life insurance is not intended to provide for the unexpected and premature loss of an individual, and is more commonly used for complex financial and tax-planning needs.

Some term insurance policies can be converted to whole-of-life policies, known as convertible term insurance. Premiums for this type of policy are higher than for conventional term insurance policies, and once the policy converts they will increase.