Life Insurance

Life Insurance is a contract between the policy holder and the insurer, where the insurer promises to pay a designated beneficiary a sum of money (the “benefits”) upon the death of the insured person. Depending on the contract, other events such as terminal illness may also trigger payment. In return the policy holder agrees to pay a stipulated amount (the “premium”) at regular intervals or usually monthly or annually.

But not all life insurances are equal!!

There are some things to look for and some things to avoid.

Similarly there are many options to consider beyond “the amount” and “the premium” – many of these are explained in our Glossary of Terms.

“Life Insurance” as a product can be:

And these products can include:

So even the most basic part of the Life Insurance Industry can be a bit complicated and confusing!