What is Life Assurance?
Life assurance is money for your family to use to pay your bills and death expenses when you die. A person must be healthy to purchase a life insurance policy (or some policies allow for exclusions to pre-existing conditions). The amount of life insurance needed depends on the person’s family’s needs when they die. Some things to consider when purchasing a life insurance policy are, marital status, number of dependents, (wife, kids etc.) family size, income, and wealth. Life insurance has different types of policies.
There are two main types of life insurance:
- Term life insurance policies: run for a fixed period of time – such as 5, 10 or 25 years. These kinds of policies only pay out if you die during the policy. There’s no lump sum payable at the end of the policy term.
- A whole-of-life policy: will pay out no matter when you die, as long as you keep up with your premium payments.
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