Understanding Term Life Insurance

Why would you need Term Life Insurance?

Term Life Insurance is generally used to cover the financial responsibilities of the policyholder once they pass away. The beneficiary can use it to pay off existing debt, care for remaining dependants, fund education costs, cover funeral expenses, or settle an existing home loan.

How Term Life Insurance works

While this type of policy is very affordable, it does not increase in value over time and ends once the selected term expires. Because Term Life Insurance is relatively straightforward, it is also usually easy to cancel if your circumstances change.

Compare Term Life Insurance quotes

If you feel a temporary form of insurance suits your needs, compare quotes from different providers online to find the best deal. Once you’ve done your research on Life Insurance policies, you can rest assured you’ve applied for the right one.

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Frequently Asked Questions

What is Term Life Insurance?

Term Life Insurance provides cover for a fixed period at a set premium. If the policyholder passes away during this term, a lump sum payout is made to the beneficiary. Once the term ends, cover stops unless a new policy is taken out.

What happens when the Term Life Insurance period ends?

When the selected term expires, the policy ends and no payout is made if you are still alive. If you still need cover, you will need to apply for a new Life Insurance policy, usually at a higher premium due to increased age.

Why do people choose Term Life Insurance?

Term Life Insurance is commonly used to cover specific financial responsibilities such as home loans, vehicle finance, education costs, funeral expenses, or short-term family support. It is affordable and suitable for temporary financial needs.

Is Term Life Insurance cheaper than permanent Life Insurance?

Yes. Term Life Insurance is generally more affordable because it provides cover for a limited time and does not build cash value. Premiums are lower compared to permanent Life Insurance policies that cover you for life.

Can I cancel my Term Life Insurance policy?

Yes. Term Life Insurance policies are usually easy to cancel because they are straightforward and do not have investment components. You can cancel at any time if your financial situation changes.

Is Term Life Insurance the right choice for everyone?

Term Life Insurance works best if you need cover for a specific period and are confident you won’t need protection once the term ends. If you require long-term or lifelong cover, a permanent Life Insurance policy may be more suitable.

Expert Tools, Tips and Guides

Explore our Life Insurance guides, from basic policy explanations to specialised cover like Mortgage Life Insurance, joint cover and high-risk options.

What is a Life Insurance policy?

Find out how Life Insurance works, what it covers, and how to choose a policy that fits your needs.

Life Insurance for Children

Understand how cover for children works, how value builds over time, and when these policies pay out.

Life Insurance for Over 50

Explore Life Insurance options for people over 50, including cover that pays a lump sum to your beneficiaries.

High-Risk Life Insurance

See how insurers assess higher-risk jobs, hobbies and health profiles, and what that means for your premiums.

Joint Life Insurance

See how one policy can cover you and your partner under shared terms, and when a joint policy makes financial sense.

Traditional Whole Life Insurance

Learn about lifelong cover (often up to age 95), fixed premiums and guaranteed payouts to your beneficiaries.

Pre-Existing Medical Conditions

Find out how existing health conditions affect your Life Insurance application, waiting periods and exclusions.

Mortgage Life Insurance

See how this type of cover protects your bond by paying off the outstanding home loan if you pass away.

Critical Illness Cover

Learn how Critical Illness Cover works, what conditions may be covered, and how payouts can help with treatment and recovery costs.

Universal Life Insurance

Explore flexible life cover that can adjust over time, and learn how premiums and benefits may change based on your needs.

Life Insurance for Parents

Learn how to take out cover for your parents when they can’t do so themselves, or add them to your existing policy.

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With Hippo we make it easy to find great deals across multiple products.

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*Based on independent research by Kaufman Levin & Associates 2025.

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