Do you need life insurance? If your children, partner or other relatives depend on your income to cover the mortgage or other living expenses, then the answer is probably yes, since it will help provide for your family in the event of your death.
What is It?
An insurance that is designed to pay a tax-free lump sum or income to your dependents if you die.
How Does It Work?
You choose the amount paid out – the larger the amount, the higher the Cost of the premium. Term life insurance lasts for the period you choose and pays a fixed sum if you die in the policy term. Whole of life insurance lasts until you die, but this is likely to cost more. You can have a single or joint policy with another person.
How is a Claim Made?
The policy only pays out if you die, or in some cases, get an illness which you are not expected to survive for more than 12 months.
Why Might I Need It?
To provide financial support to your dependents if you die unexpectedly so they can pay of mortgages and loans or pay the bills.
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