Life Insurance – Life Assurance

As much as we dislike the idea, we are all going to die one day.
Life insurance, or sometimes called life assurance, although there is a technical difference which we will explain in the sub-sections, is a necessary means of ensuring that when we depart this life we do not leave our family and loved ones with huge debts, such as the mortgage on the house, when they don’t have the means to pay it.
Life insurance is exactly that: you insure your life for a certain value depending on circumstances and affordability, and when you pass on the value of that policy goes to the named beneficiary.
Life insurance is also common in business partnerships where the funds of the policy allow the surviving partner buy out the interest of his/her deceased partner and thereby provide funds to the next of kin of the deceased party.
Most banks and building societies demand that a life policy is put in place before they will approve a mortgage application.
There are 7 different classes of Life Insurance.