Please note for these insurance products, terms and conditions apply. This information is a summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and limitations of cover provided under the plan.

What is Life Insurance?

Life insurance can pay your dependents a lump sum of money should you pass away. It is designed to provide you with the reassurance that your dependents will be looked after if you’re no longer there to provide. The amount of money paid out depends on the level of cover your purchase. You decide how it is paid out and whether it will cover specific payments, such as mortgage or rent.

What isn’t covered?

Life insurance usually only covers death – If you can’t provide for your family because of illness or disability, you won’t be covered. Some life insurance policies provide a terminal benefit, although these are not automatically granted. A terminal benefit will pay out on diagnosis of a terminal illness. Check the terms and conditions of your policy to see if you’re covered.

Most policies have some exclusions (things they don’t cover). For example, they might not pay out if you die due to drug or alcohol abuse and you normally have to pay extra to be covered when you take part in risky sports. If you have a serious health problem when you take out the policy, your insurance might exclude any cause of death related to that illness.

There are other insurance products available for these issues, which cover:

  • Long-term illness
  • Critical illness cover
  • Total and permanent disability

Do you need life insurance?

If you have:

  • Dependants, e.g. school age children
  • A partner who relies on your income, or
  • A family living in a house with a mortgage that you pay – a life insurance can provide for them if you die.

You can’t rely on the government to take care of your family – the money they would get from the state is much lower than you’d probably expect. If you want to provide for your family financially if you die, think about getting life insurance.

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