1. Term Life Insurance

What it is:
Coverage for a fixed period (e.g., 10, 20, or 30 years). If the insured passes away during the term, the policy pays out.

Why people choose it:

• Usually the most affordable
• Good for covering temporary needs
• High coverage amounts for low premiums

Common uses:

• Protecting your family while children are still financially dependent
• Covering a mortgage or other debts
• Providing income replacement for a spouse or partner

2. Whole of Life Insurance (Permanent Life Insurance)

What it is:
Coverage that lasts for your entire life with guaranteed payout, as long as premiums are paid.

Why people choose it:

• Guaranteed death benefit
• Can include a savings or investment component
• Useful for long-term financial planning

Common uses:

• Estate planning
• Leaving a guaranteed inheritance
• Funding future liabilities such as education or taxes
• Long-term wealth transfer strategies

3. Key Person (Key Man) Insurance

What it is:
A life insurance policy taken out by a business on a crucial employee, founder, or executive. The business is the beneficiary.

Why companies use it:

• To protect against financial loss if a key contributor dies
• To reassure lenders or investors
• To fund recruitment and training of a replacement
• To stabilise cashflow during disruption

Typical roles covered:

• Founders
• CEOs and senior executives
• Lead engineers or product experts
• Top-performing salespeople
• Anyone whose absence would have a material financial impact

4. Other Policy Types You’ll See

• Universal Life: Flexible premiums and a savings element
• Group Life Insurance: Provided by employers
• Accidental Death & Dismemberment (AD&D): Pays only for accident-related events
• Critical Illness Riders: Lump-sum payout if diagnosed with major illnesses

Which one is right for you?

It depends on your goals:

• Family protection: Term life
• Long-term planning or inheritance: Whole of life
• Business continuity: Key person insurance
• Flexible coverage + savings: Universal life

Final tip:

It’s always best to speak with an experienced expat insurance broker who understands international policies—they can compare options and help you find the right structure for your budget, family needs, or business situation.