Life Insurance is a form of insurance that could pay a lump sum to your family if you die, provided of course that you have taken out a life policy. They can use this lump sum to pay off bills or the mortgage. You need to keep up payments to maintain your level of cover.
This is how Life Insurance can protect your family
Have you thought about how you would get by financially if you got sick? Lost your job? Or just couldn’t work for a while because of an injury?
Almost 3 in 4 claims that Irish Life paid last year to its customers were for “living benefits” - such as regular income payments for people who couldn’t work because of illness, or lump sum payments for specified illnesses such as malignant cancers.
Income protection pays out an income if you cannot work due to an illness or injury but not if you become unemployed. For all protection policies you must keep up your payments to stay on cover.