Life cover provides a lump sum payment in the event of death.
This lump sum could help reduce debt, pay for funeral expenses, create an investment fund to generate ongoing income, enable business ownership to be restructured, or provide an inheritance or donation.
The purpose of the funds is entirely yours to decide.
The better policies also include a terminal illness benefit, which can provide an early payment of life cover if the insured is not predicted to live for more than 12 months, giving you time to organise your financial affairs.
Many more benefits are provided by a quality Life policy including but not limited to the list below:
- Early payment of benefit
- Funeral support for your children
- Optional increase benefit
- Premium options
- Special events increases