Life Insurance

Life insurance insures you in the event of your death.  If you die, your beneficiaries nominated in your policy, will receive a lump sum payment.  This applies to most illnesses or conditions or an accident but won’t cover you for suicide.

Adequate life insurance means your family will not be burdened by debt and will be protected from having to sell assets, such as the family home, to pay outstanding debts or to cover living expenses should you die.

If you are diagnosed with a terminal illness, some policies will pay the benefit earlier.  This would be a great relief as it would provide funds to help with medical expenses and the like at a time when you should not be burdened by concerns about money.