Life Insurance

Life Insurance

Life insurance, or ‘life assurance’ as it is sometimes referred to, enables you to financially support the people you hold dear once you’re gone. It is a subject that nobody likes to discuss but life insurance can provide you with peace of mind – your family and loved ones will be financially secure in the event of your death. Life insurance will pay out a cash lump sum if the person insured dies or is diagnosed with a terminal illness during the term of the plan.

It doesn’t have to be expensive because it’s completely your decision about what ‘sum assured’ you would like to leave behind.

You may like to leave a cash lump sum to provide cover for:

• outstanding debts such as a mortgage
• educational expenses for your children such as university tuition fees
• funeral costs or medical fees
• cash which can be utilised to pay estate and death duties

The cheapest and most basic form of life insurance is ‘term life insurance' where you will be covered up until a specific date set by you; perhaps up until the date when you’ve paid off your mortgage.