That largely depends on your personal situation. If you have no dependents and no significant debts that your estate’s benefactors might be liable for in the event of your death, then you probably don’t need it. 

And if you already have a life insurance policy - these typically last from 10 years to whole of life, depending on your policy, or you might have a policy as an employment benefit or union membership - then you might not need these. However, in this case, do check the policy exclusions because they sometimes won’t cover you if you move abroad or work in dangerous environments.

If you do have dependents or substantial debts that your beneficiaries might be liable for, and you’re planning to move abroad for work, undertake a short-term contract without life insurance benefits, or work in other situations where you wouldn’t be covered, then this policy could be ideal.

You can, of course, renew this policy annually, too, as long as your renewal is approved, so there’s no reason you can’t keep it for many years. But do note that as it renews annually, the price you pay could increase and other terms and conditions could change.

There is no excess on life insurance.

We can’t answer that for you, but bear in mind some of the key differences - our policy doesn’t require any medical checks and covers you anywhere in the world and for dangerous activities. Typical Term Life or Whole of Life policies have more exclusions for locations and activities. On the other hand, with those policies, you typically know what you will pay each month or year for the entire term of the policy. This is true for the 12-month policy during the 12-month term, but rates might change if you choose to renew, and other exclusions can be added. 

And all policies have their own pros and cons, and benefits and exclusions, so it’s worth comparing to see which is best for your needs.