Life insurance pays out either a lump sum or regular payments on your death, giving your dependants financial support after you've gone. The amount of money paid out depends on the level of cover you buy.
Is it worth getting life insurance UK?
Not everyone needs life insurance, but if your children, partner or other relatives depend on you financially, including parental responsibilities, taking out life insurance could be worth it to help provide for your family in the event of your death.
What are the 3 main types of life insurance?
The three main types are whole, universal life insurance, and term life insurance.
What is life insurance and how does it work?
What Is Life Insurance? Life insurance is a contract between you and an insurance company. Essentially, in exchange for your premium payments, the insurance company will pay a lump sum known as a death benefit to your beneficiaries after your death. Your beneficiaries can use the money for whatever purpose they choose.