This is the most popular form of life cover. It pays your family a lump sum if you die within a certain period of time, which you can choose. It doesn’t cover you for whole of life, which is why it’s cheaper than whole of life cover. Typically with these types of policies, the premium is fixed at the outset and is not subject to future increases (unless availing of a conversion option).
Serious Illness Cover
This is also known as critical illness or specified illness cover. This type of cover pays you a lump sum if you suffer one of the illnesses covered on your particular plan. You can spend the lump sum however you like, to maintain your standard of living, to pay a capital balance off your mortgage or just to help you cope during a difficult time.