Life insurance is a policy that pays out if you die during the time you’re covered. Most people use it to pay off a mortgage, cover funeral costs, leave something behind for their family, clear any debts they might have
There are many benefits to life insurance. A pay-out can help clear outstanding debts and your mortgage, and give your family money to live on so they can continue to pay bills and living expenses if you die.
The pay-out from a life insurance policy is typically made as a lump sum.
