Life insurance is a contract between you (the insured) and a life insurance provider that provides your family with a lump sum pay out if you die.

If you were to pass away then you can decide to leave a lump sum to your loved ones that can be used to pay off your mortgage or any other debts. You can also leave some money behind for your family to give them a lifestyle and to ensure that they don’t suffer financially.

Life cover also has one of the highest payout rates of any insurance policy so you can be certain that claims are paid. According to figures published by the Association of British Insurers (ABI), life insurance companies paid out 98% of claims in 2020 at a rate of £17 million per day.