Life insurance is a contract made with an insurance company, whereby they agree to pay money to your survivors in the event of your death or diagnosis with a terminal illness. You make payments to your insurance provider to guarantee this cover.
Life insurance is designed to financially protect your loved ones in the event of your death. Coping with the grief of losing a family member is never easy, but knowing that you have protected your loved ones from unnecessary financial burdens can give you peace of mind that they will be cared for should the worst happen. If you have no family as such, you may wish for your life insurance pay-out to help a dependent business partner or close friend instead. Life insurance is not compulsory, but it can help your dependents to cope when you are gone.
This section acts as a guide to all the important aspects of life insurance. For details, see: