Look after your loved ones
Choosing a life insurance policy is an important decision. After all, you want to feel reassured that your cover will provide financial protection for your family if you die during your policy term. So it’s worthwhile doing your homework. Our guide helps you understand how to find the most appropriate life insurance cover for your needs.
What is life insurance?
Life insurance is an insurance policy that can help with the financial burden of your death on your family if you die during the length of the policy.
Often, this is a cash sum that could help your family:
- Cover living expenses, bills, or leave them money as a gift
- Pay off any remaining mortgage repayments or mortgage balance
- Pay towards funeral expenses
- Pay off any outstanding bills and debts
It's important to remember that these policies are not savings or investment policies and have no cash value unless a valid claim is made.
Do I need life insurance?
People with families or a mortgage take out life insurance policies to provide financial protection for their loved ones.
To help you make a decision, ask yourself one important question. In the event of your death, would those who are financially dependent on you be able to cope? Would partners or children be able to continue paying mortgage repayments, rental costs, household bills, outstanding debts or funeral costs?
However, not everyone needs life insurance. If you don’t have any dependents or liabilities that you want taken care of, it’s possible that life insurance is not for you.
How does life insurance work?
As complicated as it might seem, life insurance is actually quite straightforward. Depending on your provider, you agree to pay monthly or annual premiums for the length of your life insurance policy. If you die during this time, a tax-free cash sum could be paid to your loved ones or named beneficiaries.
Which life insurance do I need?
There are different types of life insurance to choose from. It’s important to understand these differences so you can select the cover that works best for you.
Everyone needs different things from their insurance – that's life. Worry less about the ‘what ifs’ and get on with your day. Remember that life insurance is not a savings or investment product and has no cash value unless a valid claim is made. Compare our policies and pick the right cover for you.