Life Assurance, also sometimes referred to as Life Insurance, is an insurance policy which will pay your family a lump sum payment upon your death.
It is normally used to ensure that in the event of your death, your family can pay off any mortgages or liabilities you may of had, cover funeral expenses, maintain a similar standard of living or simply to leave a sum of money behind after you have died.
As an insurance product, Life Assurance is extremely flexible and can be adapted to suit your exact aims or ensure that you are covering the areas which are important to you.
Generally speaking, if you have a mortgage or other liabilities, a partner or children or are wanting to ensure that your funeral can be covered by loved ones if you were to die, you should be considering protecting yourself with Life Assurance.
The exact amount of cover you should be considering and the length of cover will depend on your circumstances and the reasons for taking your cover.
For instance if you were aiming to protect a mortgage, you might consider covering the same sum as the mortgage itself over the same term as the mortgage.
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