Life insurance is a type of insurance designed to protect your loved ones financially when you pass away. Upon your death, your beneficiaries or your estate will be paid a lump sum amount according to the sum insured as outlined in your life insurance policy. This money can be used to pay off any outstanding debts and provide your family with ongoing income.

Most Life insurance policies include Terminal illness benefit, which will pay the sum insured of life insurance if the life insured is diagnosed as having a terminal illness.