Life Insurance

What is life insurance?

Life insurance is where you pay a premium for the promise of a benefit under a specific circumstance.  For example, a 10 year life term assurance policy will pay a pre-defined benefit in the event of your death within those 10 years.  Some policies only pay out when you die.  Others can also pay out a cash amount on surrender or maturity.  The amount paid out by investment-type policies depends on how well the investments in the insurance fund have performed.

Whole life insurance

Whole of life insurance promises to pay out on your death.  The whole of life policies are more expensive due to the fact that insurance companies know there will be a claim.

Term assurance

Term assurance is usually a cheaper way of providing protection for your dependants should you die, with the monthly payments generally being lower.

Why take out life insurance?

The most common reasons for taking out life insurance is so that any surviving dependents can pay off an outstanding mortgage or provide for dependent children.

Life insurance can be taken out on a single or joint life basis.

Life Insurance rates can vary dramatically.  Instant best market quotations can be obtained by a quick telephone call.