Life insurance is also called life cover or death cover. It pays a lump sum to your beneficiaries or to your estate in the event of your death. Life insurance will also pay out on diagnosis of terminal illness where there is a limited life expectancy. The purpose for life insurance can be to provide for debt repayment or to cover living expenses for your dependents or provide them with financial support in the event of your absence.
There are two main types of life insurance, watch the video to find out more or speak to our Ulton Wealth Management team.