| If you
have a mortgage or rent to pay, a spouse or a partner
and/or dependants, how would they cope if they suddenly
did not have your salary to
pay the bills? Would they be able to afford to keep
a roof over their heads or carry on living the same lifestyle
without your wage? Would you want them to have financial
difficulty added to their grief? Life insurance pays
out a lump sum upon your death which can help your family
continue to pay the bills and have a roof over their head.
It is always a good idea to investigate
the different types of life insurance available to ensure
you get the level of coverage you need. This article
explains whole life
insurance.
With a term life insurance policy
you are insured for a set period of time and if you
die during the policy term, the insurer will pay out
a lump sum. However, should you survive the policy term,
the policy has no value whatsoever, it cannot be cashed
in, nor can a claim cant be made after the end of the
policy term.
A Whole Life Insurance Policy is
exactly what it says – you are insured for the
whole of your life with the total sum assured being
payable upon your death. There are various versions
of Whole Life Policies. A With Profits option is where
your dependants get the guaranteed sum insured upon
your death plus bonuses.
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