Life Insurance


Not everyone needs life insurance – but if your children, partner or other relatives depend on your income to cover the mortgage or other living expenses, then the answer is yes – you may want life insurance, since it will help provide for your family in the event of your death. 


What is Life Insurance?


Life insurance can pay your dependents money as a lump sum or as regular payments if you die.


It’s 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 you buy. You decide how it is paid out and whether it will cover specific payments, such as mortgage or rent.


There are two main types of life insurance – ‘Term life insurance’ which runs for a fixed period of time such as 10 or 25 years, and ‘Whole of Life Insurance’ which pays out no matter when you die as long as you have kept up with your payments. 


When do you need Life Insurance?


Life insurance is normally considered at the following points in people’s lives:  

  • Getting married
  • Having a child
  • Buying a home

If you have dependents, 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 policy can provide for them if you die.