Life Insurance is designed to pay out a cash lump sum upon death of the person insured. Life Insurance may also be called Term Assurance, which means a person is insured for a particular length of time i.e. 30 years. If the person dies within that term and premiums have been paid and are up to date. then the policy will pay a cash lump sum.
Many people set up Life Insurance to run alongside a mortgage or loan in order that the remaining debt will be paid off should someone die. However you can set up a life insurance policy even if you do not have a mortgage as the money is paid to the surviving spouse or the estate.
Single parents often take out a Life Insurance policy in order to provide for their children should the worst happen.
Life Insurance policies come in many different variations, with options available for all budgets. If you do not currently have Life Insurance, contact Gareth to discuss the options available to you and receive a no-obligation quotation.