Life Insurance: The Game of Life

Life insurance is a type of insurance contract which pays out a lump sum to your dependents should you pass away or be diagnosed with a terminal illness during the term of the contract, in order to provide for them after you're not around. The cost of a policy is determined by several factors including your age, health, and lifestyle.

Life insurance can provide peace of mind that your loved ones would be financially protected if you were to pass away. The lump sum payout they would receive can be used to pay vital bills like a mortgage or rent, or to help with the cost of bringing up children.

Level term insurance pays a fixed amount if you die during the term of the cover. Both the sum insured and your monthly payments remain the same, so your family will know exactly how much they will receive and premiums won’t rise due to inflation.

Single life insurance covers one person. Some couples take out two single policies so that their beneficiaries get two payouts. These policies are usually more expensive as a result.

Joint life insurance covers two people, but will only pay out once. Depending on the policy, it will either pay out when the first person dies, or when both policyholders have died.

Over 50s life insurance. For anyone aged over 50. The advantage is acceptance is guaranteed so you don’t have to answer any health questions or pass any medical test.