Life insurance, which can also be known as life cover or life assurance, is a type of policy that protects your loved ones with financial support if you die. It can help minimise the financial impact that your death could have on your family and offer peace of mind to those you care about most.
Most life insurance policies are designed to pay out a cash sum to your loved ones if you die while covered by the policy. It can help them deal with everyday money worries such as household bills, childcare costs or mortgage payments.
What are the key benefits of life cover?
Life insurance can offer
Financial protection for your family, helping to secure their future even if you have limited savings.
A cash sum to cover ongoing living expenses such as mortgage, rent, or childcare.
Easing the burden and reducing stress for your loved ones after your passing.
Providing continuity for your family, allowing them to remain in their home.
Mitigating the impact of a lack of savings.
Can be a lending conditions if you need a mortgage to buy a house.
Do I need life cover?
Whether you need life insurance will depend on your individual circumstances. For example, life insurance can provide peace of mind for people with children, partners or spouses that depend on them financially, as well as people with a mortgage on the family house.