Term life insurance is the most common of personal insurance covers. Term life simply provides a lump sum payment in the event that the insured person should die. Cover is 24 hours, anywhere in the world. Most policies contain a "terminal illness benefit" which allows for the lump sum to be paid, before actual death, if the person insured is diagnosed with a terminal illness. Benefits can be automatically indexed in line with inflation.

An option also exists to include cover for total and permanent disablement, whereby this benefit is payable should the insured person become totally and permanently disabled.