Life Insurance

Article published on 5th July 2008

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Over the next few articles we will be looking more closely at life insurance.

To start though, let's plough the well established field of life insurance. As discussed in previous articles, life insurance is a form of insurance that pays out after you die. It is more an insurance for your family and loved ones than it is for yourself - at least in financial terms.

Although the policy holder will get no financial return on his or her investment, he or she will at least have the security of knowing that should they die unexpectedly, or even should they die at a ripe old age in bed surrounded by dozens of children, grandchildren and great grand children, there will be a reasonably large sum of money deposited to the next of kin or loved ones stipulated within the policy itself, to help fill the financial gap left by your departure.

It's important to remember that if you are the main earner in your household, or if the expenses that come with your style of living require both your income and your partner's (such as if you have a mortgage, a high-tax-band house, children in private schools or whatever), then should you die unexpectedly this could have a potentially catastrophic affect on how your family survives - which is an added kick in the teeth as they will already be grieving your absence.

If the your loved ones you leave behind are fortunate enough to be affluent in their own right, then the money they receive from your life insurance policy could be invested towards the long term security of your children and grandchildren, as one example, or else it could be blown on a magnificent wake for you. Whatever.

The point is that Life Insurance can provide a great deal of help and even sometimes bring a modicum of comfort to family, friends and other loved ones that you leave behind you when you die. So it's a good thing.

Now we've got this thematic re-introduction of Life Insurance out of the way we will, over the next few articles, be looking at the different types of life insurance policies available to the public at large.

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