Until you die
If you want to be covered until you die, you should consider a whole of life insurance policy. This type of policy pays out when you die, no matter how old you are or how long you’ve had the policy for.
Whilst you pay off a long term debt
Decreasing term life insurance policies are designed to run alongside any long term debt you have, such as a mortgage. This type of policy is taken out for a specific number of years and the payout decreases over time, in line with your debt.
You could also consider a level term life insurance policy. Like decreasing term life insurance, this is taken out for a specific number of years, however, the payout stays the same for the entire length of the policy.
Cover as you get older
If you choose to take out a life insurance policy when you’re older, the premium will typically be more expensive. This is normally because you’re closer to your life expectancy age or you’ve developed health issues. If you do find that premiums are expensive or you’re struggling to get accepted, an over 50s life insurance policy might be best for you. This type of policy guarantees acceptance and premiums are often cheaper.