Term vs whole life: which cover do you actually need?

Term insurance is pure protection: a large cover for a low premium, paying out only if something happens during the term. It's the most cost-effective way to protect your family's income.

Whole-life and endowment plans bundle insurance with savings, cost much more for the same cover, and are better seen as a savings product than protection.

A common approach: buy adequate term cover first (often 10–15× annual income plus liabilities), then invest the difference separately. An advisor can size this with you — and flag the free-look window so you can change your mind.