Life Insurance is a policy that pays out an amount of money if the person covered dies.

Life Insurance normally falls into two categories:

  • cover for a specific amount of time –for example 15 or 20 years. These policies pay out if the person covered dies within that period of time e.g. to pay off a mortgage on death.
  • cover for the whole of life – these policies pay out whenever the person covered dies.

The monthly premium you pay will be based on:

  • your age
  • your health
  • how long you want the cover for
  • the level of cover you need
  • smoker status

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With most types of life insurance, you have to carry on paying the premiums continuously. If you stop paying premiums, the cover ends and you get nothing back. In many cases the cover can last for many years and, as a result, it’s vitally important you make sure you’re buying the right policy. Most life insurance policies do not have a cash in value.

Do I need Life Insurance?

If you have dependants – such as school age children, a partner who relies on your income or a family living in a house with a mortgage that you pay – a life insurance policy can provide for them if you die.

You might also want a policy which covers your funeral expenses.

You can’t rely on the government to take care of your family – the money they would get from the state is much lower than you’d probably expect.

If you want to provide for your family financially if you die, life insurance is a must.

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