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What is Life Insurance? Life Insurance is an insurance policy that provides an agreed amount of cover over an agreed term, so that should you die during the policy term, a lump sum is paid out. Life insurance is considered as the cornerstone of financial planning. It is a cost effective way to provide for your family after you are gone. Many of us will at some stage in our lives have the need for life insurance. Life insurance is an agreement between you and an insurer and under the terms of a life insurance contract, the insurer promises to pay a certain sum to a designated beneficiary when you die, in exchange for your premium payments. This may give you peace of mind that, should you die during the policy term, your family would have some financial security. The most common reason for buying life insurance is to replace the income lost when you die. For example, say that you work, and that your income is used to support yourself and your family. When you die and your income stops the life insurance proceeds can be used to continue to support the family members you've left behind. If you have dependants or your income is needed to maintain your family's standard of living you may need life insurance. If you died your family could use the money to pay off some outstanding bills or perhaps towards a mortgage. There may also be extra costs to deal with that were not there before; such as the cost » Discuss it (all 2) » Continue Reading »
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