This is also called Term Life Insurance. With this policy, you choose how much life cover you would like (sum insured) and how long you would like the cover for (the term). You can insure one person or two people on this policy. If the person insured dies during the term of the policy, a pay-out is made and the policy ceases. If you do not die before the end of the term of the policy, the policy will also cease. There is no savings element to these policies.