What is life insurance?

techround.co.uk - 01-19

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Simply put, life insurance (also known as life cover, both refer to the same thing) is a type of policy agreement or contract one can take out with a company that specialises in insurance products. If you take out life insurance cover, then you will typically have to pay premium monthly payments, and this means that a lump-sum will be paid out by the insurance provider if you were to die. This is paid directly to your beneficiaries that have been named in your contract.