Insurance
Life Insurance
Life insurance is usually a term policy which is a way of providing protection for your dependants should you die.
The policy guarantees to pay out a set amount if you die within a stated period of time (the 'term'), but doesn't pay out anything if you survive the term. The term could be, for example, the number of years left on your mortgage or the number of years until your children are financially independent.
Term insurance is sometimes called 'protection only' insurance.
Life Insurance can either be a level cover the amount of insurance stays the same throughout the policy, or decreasing to cover a repayment mortgage this would be the cheaper option but only guarantees to pay your mortgage off in the event of your death.
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