What is Life Insurance?

Life insurance is also known as life cover and is designed to protect your family should you pass away during the time that the cover is in place. However there are several type of life insurance covers you can avail. Life insurance should not be mainly seen as a form of savings or investment because it has no value until a claim is made.

In terms of cover, you are in control of selecting how much cover you need and the duration for which you will be covered. Once you have selected the cover, you will pay annual or monthly premiums in return for peace of mind and reassurance knowing that the policy is there to protect your family. Should you pass away, your loved ones will receive a cash sum, which can help to protect them financially and cover bills and other costs. There are different types of life insurance available such as the common life insurance cover as well as decreasing life insurance but whatever you choose, it is there to provide financial reassurance for your family.