Life Insurance/Assurance is a policy that provides a lump sum payable upon death.
Term Assurance is the simplest form of life assurance as well as the cheapest. Term insurance provides protection for a given period of time and at the end of the term you will not receive any money. The only time that this type of plan will pay out would be in the case that the life assured dies.
It is possible to take out life assurance on your own life or the life of other individuals, such as your spouse or business partner, provided you can show that there is a financial relationship between you.
The benefit of a life assurance policy is that it guarantees that if a life-assured dies, the life company will pay out a cash sum. This money will be paid to the person paying the premiums or, if the sole life-assured has died, the proceeds will be passed into his or her estate and distributed according to the terms of the will. If there is no will, the sum will be handled according to the laws of intestacy.
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