It can be daunting planning for what happens when you die, but its crucial if you have, or are planning on having, a family. Much like writing a will, life insurance can provide a financial lifeline for your partner and kids should you pass away.
Life insurance is an insurance policy that pays out a tax-free lump sum to beneficiaries named on the policy (normally your surviving partner or children) if you die. Emma Walker, director at life insurance provider LifeSearch, said: “Life insurance pays out if you die within a specific time frame, such as 20 or 30 years and 99% of claims are paid in the UK.
