Life insurance is pretty self-explanatory, it pays out a cash lump sum to your loved ones in the event that you pass away during the term of the policy. Life insurance provides peace of mind to the ones that matter the most to you. Life insurance cover is also designed to provide your family with financial stability during a difficult time for them.

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When set-up correctly the benefit payment is paid out tax-free to your beneficiaries to use however they see fit. It could be used to pay off a mortgage, clear any outstanding finance or to use as an ongoing income to help with everyday living costs.

Most people consider obtaining life insurance cover at key points during their life such as getting married, buying a home or having a child. Also if you’re the primary breadwinner of the household, it’s definitely something you should consider putting in place.

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When considering whether you need this form of protection, ask yourself how your loved ones would cope should the worst happen to you? From a financial standpoint would they be able to continue life as normal? Or would they struggle significantly?

Common sense prevailing, most individuals see life insurance as a very important form of protection that they should have in place, especially if they or the family have any significant outstanding debts, such as a mortgage.