What type of policy did Andy and Frances take out that has premiums set for the first five years?

Andy and Frances took out a maximum cover whole of life policy, which is characterized by having a guaranteed amount of cover for the life of the insured, along with fixed premiums for a specified initial period. In this case, the premiums being set for the first five years indicates that this is a whole of life policy where the premium rates are established for that duration, allowing policyholders to know their payment obligations upfront.

This structure is typical of maximum cover whole of life policies, as they provide lifelong protection and typically emphasize higher coverage amounts. The initial fixed premium period can help in budgeting and financial planning for the policyholder, making it a suitable choice for those seeking stable long-term coverage often with a focus on savings or investment growth as well.

In contrast, the other options refer to different types of coverage that do not have the same premium structure. A term life policy only provides coverage for a specified term and typically has renewal provisions rather than fixed premiums over a lengthy initial period like five years. A mortgage protection policy is designed to cover a mortgage balance in the event of the policyholder's death but also follows different premium structures. An accidental death policy specifically covers fatalities due to accidents and is generally simpler, with a straightforward payout structure rather than the complexities of