The best type of life insurance for you will always depend on your own personal needs, and
you may find that some policies are more suitable than others based on your life stage and
family’s financial plans.

If you want coverage during a specific period in your life – such as your working years while
you are raising children or paying off a mortgage, then term life insurance may meet your
needs. If you expect that your family will need cover for a more extended period, especially
as you get older and are worried about funeral costs or final expenses dipping into savings,
then a whole or Universal life insurance policy may meet your needs. This type of coverage
remains for the whole of your life, which means the policy will never expire as long as you
keep paying your premiums (or don’t cancel or make a claim).

Whole or Universal life insurance policies may also come with optional insurance covers
such as for a disability or Critical illness. These can help cover the costs of treatment and
rehabilitation and financially support yourself and your family if you suffer a lifelong health
setback. If you want to protect your family from even more events, especially as you get
older, then a Permanent life insurance policy with these benefits may suit you better.