Life Insurance
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What is Life Insurance?
Life insurance, known also as term assurance, is insurance against your life. If you have people to think about after you’ve passed on from the world, such as a partner, children or even pets that may outlive you, you’ll want to ensure they are cared for financially.
If you are debt free (such as from a mortgage, credit cards and loans) and single with no dependents, then life insurance is probably unnecessary. If your debts are likely to remain beyond your death, your next of kin will be responsible for paying them off, as well as for your funeral which can cost at least £1000. In this instance, life insurance is definitely advisable, because debts are inherited.
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