Life Assurance can help meet the financial burden of loss of income, debt payment and the tax liabilities that can result from a death. There are three basic types of life policy: term insurance, whole life insurance and endowment insurance.
All these policies provide your family with financial protection by paying a lump sum on your death. However, some families may find a regular income more useful than a lump sum, in which case a family income benefit policy would be a better choice.
Pension plans may also include Life Assurance, which would be payable if you died before reaching the retirement age set within your pension plan. With occupational pension schemes, the cover is usually expressed as a multiple of your salary.
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