Life Insurance (sometimes known as Life Assurance) helps provide financial security for people who depend on you, should you die.
Although money can’t replace a loved one, it can help those left behind to weather the financial storm. For example, it could pay off the mortgage or provide an income to help cover regular household expenditure.
Types of Life Insurance
Term Insurance
This is the simplest type of Life Insurance. You choose how long you’re covered for, eg. 20 years (the term), and the policy pays out if you die within the agreed term. You can also take out term cover as a couple, with the policy paying out on the first death only during the term. There are several different types of Term policies available, depending on your needs.
Family Income Benefit Insurance
This is essentially the same as Term Insurance, but instead of paying a lump sum when you die, it will pay out a regular income instead. This type of payment may be more suitable where the main purpose of the policy is to provide ongoing financial support to dependents.
Whole of Life Insurance
this pays out a lump sum when you die, whenever that is, as long as you are still paying the premiums.
Other Personal Protections
