Life insurance is a contract between you and an insurance company. In exchange for regular payments called premiums, the insurer agrees to pay a sum of money, known as a death benefit, to your chosen beneficiaries if you die while the policy is in force.

Insurances can also be put in place for lifetime lump sum or regular payouts that cover critical illnesses and if you are unable to work.

Money paid from these plans can go towards protecting you and your family. It can be used to pay off debts or help with month-to-month living.