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Different types of life insurance

Over 50s life insurance offers financial protection for your loved ones after you are gone, by giving them a guaranteed cash lump sum. This means you can relieve them of any burdens, leaving them free to grieve for you.

While you may have seen TV commercials promoting this type of product, you may not be aware that there is more than one kind of this type of insurance. You should read up on each to find out which ones meets your needs.

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What types of life insurance policies are there?

There are two main types: term policies (also known as term assurance) and whole-life policies. 

Term Insurance

Term insurance lapse after a set amount of time without paying out. There are five types of term policies:

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Whole-of-life Insurance

As the name suggests, this policy covers you for your entire life and guarantees a cash lump sum no matter when the policyholder dies - provided the premiums have been paid consistently since the start of the policy.

The money paid is split over the price of the life cover and an investment reserve, with growth from the latter being used to cover the rising cost of living. Just keep in mind that if the investments perform poorly, your monthly premiums may have to rise to ensure the sum you opted for is still paid out upon your death.

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