Find the right type of policy

life Insurance South AfricaMany first-time buyers think that all life insurance policies are the same. Nothing could be further from the truth.

The two main types of policies are whole and term. You will also come across less common options, including universal and variable life insurance. To be sure of your decision, consider them all.

Whole life insurance covers you until the day you die. When you pass on, your beneficiary will receive your death benefit. With term life insurance, you are only covered for a specified period of time. If you outlive a term life insurance policy, it expires and nobody receives your death benefit. At this point, you will either purchase another term policy or do without.

Before you make your decision, check out this comparison of term versus whole life insurance.