A lifetime cover is a type of life insurance policy that offers cover for the policyholder's entire life, rather than for a fixed term. This means that as long as you continue to pay the premiums, your loved ones will receive a pay-out from the policy in the event of your death.
Lifetime cover can be a good option for people who want to provide long-term financial security for their loved ones, and it can be especially beneficial for those with dependents, such as young children. It can also be a good choice for people who are worried about their health deteriorating in later life and not being able to get cover.
One of the main advantages of lifetime cover is that it can be cheaper than other types of life insurance, such as term life insurance. This is because it doesn't need to cover you for a specific period of time, so the insurance company can spread the cost of the policy over your entire lifetime.
Another advantage of lifetime cover is that it can be a more flexible policy than term life insurance. For example, some lifetime cover policies allow you to increase your cover without having to go through a medical exam, which can be helpful if your financial situation changes.
The main disadvantage of lifetime cover is that it doesn't offer any financial protection if you live to a ripe old age and don't need the policy anymore. This is because you will have paid a lot of premiums over the years, and the policy only pays out if you die.
If you're considering taking out lifetime cover, it's important to compare policies from different insurers to make sure you're getting the right cover for your needs. You can do this by using an online comparison service, such as Finder.
