There are two main types of life assurance depending on the level of protection you are looking for:
Term Life Insurance policies run for a fixed period of time (known as the ‘term’ of your policy) such as 5, 10 or 25 years. These policies pay a lump sum if you were to die during the chosen lifetime of policy but there is no lump sum payable at the end of the policy term.
Whole of Life policies run throughout your lifetime, remaining in force until you die. These policies pay a lump sum should you die at any time, provided that the policy is still active.