❓ What’s the difference between term and whole of life insurance?

Term life runs for a fixed period (e.g. 20–35 years) and only pays out if you die during that time. Whole of life runs until you die, no matter when, so the payout is guaranteed — but it costs a lot more.

❓ Is whole of life insurance always better?

Not always. Whole of life gives a guaranteed payout, which is handy for things like funeral costs or inheritance tax, but it’s far pricier. Term life is cheaper and usually enough during your mortgage and family-raising years.

❓ Can I extend term life cover later?

Yes — most policies include a conversion option, which lets you extend or switch to a new policy without fresh medical checks. But your premiums will still be based on your older age at the time.

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Term Life vs Whole of Life Insurance in Ireland (2025 Guide)

Confused about the difference between term life and whole of life insurance?

We break it down in plain English — costs, pros, cons, and which option might suit you best in Ireland.

So let’s try and decipher what’s going on.

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