What is Life Insurance?

Life Insurance is an insurance policy that pays a set amount to those named in the life insurance policy (the "beneficiaries") when the life insurance policy-holder dies.

Life Insurance Tips
Here are some important questions to answer before you put your life in someone else's hands:

1. Do I need life insurance for myself or my family?
2. Would it be more prudent to take out separate cover rather than a joint policy?
3. Do I need term life insurance, whole life insurance or an endowment policy?
4. Are the premiums guaranteed or reviewable?
5. Does the life insurance policy include terminal illness benefit?
6. Will the policy cover all of my debts?
7. Do I have any cover as part of my employee benefits and for how long?
8. Is my job likely to affect my future health?
9. If I choose term life insurance, how long should the policy run for?
10. Should I name any beneficiaries or let the lifeinsurance money be paid into my estate?