Different rules apply depending on whether the insurance is classified as general or life insurance. This is because life insurance policies can run for many years provided the premiums are paid, while general insurance policies typically last for only one year.

General insurance

General insurance means all insurance except life insurance. The most common types are:

Life insurance

Life insurance companies sell products that are:

Life insurance policies cover not only death but also disability, trauma and income protection.

This chapter discusses only the insurance aspect of these products. People interested in the investment aspect should seek financial advice.