In Ireland you might be able to find an insurance provider who will provide you with an insurance plan for the entirety of your life, or for as long as you choose to continue paying premiums for their coverage. These kinds of policies usually cost more than if you were to get basic term life insurance coverage and have the potential to increase regularly over time.
This kind of policy usually lasts for as long as you want it it to. This means you can continue to pay them up until the day you die or by the end of some agreed upon time period, or until a certain date or a certain age is reached by you, the policy holder. Typically an insurer will review the premium you are currently paying and increase it every once in a while, usually around every 10 years.
If your whole of life insurance plan increases too much after a particular interval, then you may no longer be able to afford your plan, and might have to get a reduction in the benefits provided by your policy. You should keeps this in mind before you take out this kind of policy, and prepare your finances for an increase in your premium in the future.
Unit-linked policies
The most common form of whole of life insurance policies is the the unit-linked policy. This type of policy will invest the premiums that you pay into a fund, and manage it so that the fund will grow over time.
Keep in mind that this fund is not a guarantee. It is possible for it to grow enough to cover your policy and pay for whatever life insurance you need throughout the entirety of your life. However, it is also possible that the fund will fall shorts. If this happens then you might have to deal with paying a higher premium to make sure that your coverage sum remains at the agreed level.
Fixed Premiums
It is also possible to get a policy with a fixed premium payment. This will keep your benefit at the agreed level.
Keep in mind that these kinds of policies are typically more expensive and you will likely pay more during your coverage period than if you decided to go with a plan that did not have a fixed premium.
Regular Charges
Whole-of-Life policies usually come with a few extra charges you will have to pay on top of your premium. A couple examples of regular charges you might have to deal with include regular charges for the management of the investment fund your premium goes towards and regular charges for the handling of the premium you pay.