Life Insurance Definition

Life insurance is by definition a form of financial security or a protection against a loss of income. The difference is that the person who is taking out the life insurance policy is ensuring that the beneficiary they have named (usually their family) will be protected in the event of their death.
The kind of life insurance that a person will want depends upon a number of things:

  • Whether they would like the policy to last for a fixed period (term assurance) or an open ended one (whole life assurance)
  • How much cover the policy holder would like to have, which is usually dependent upon the number and situation of their dependants
  • Whether the amount of cover provided will remain as a constant throughout the lifespan of the policy or will change throughout that period (increasing or decreasing life assurance)
  • Whether upon the policyholders death the insurance pays a lump sum to the family, staggered amounts or the money is earmarked for the repayment of the mortgage or any other outstanding debts

For more information on life insurance and how it can benefit you and your loved ones complete our enquiry form.

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