Life Assurance

Life assurance is a policy that will pay out either a lump sum or a series of payments upon death. These payments are usually tax-exempt.

The proceeds from a life assurance policy can be used:

• to pay off a debt such as a mortgage
• to provide an income for your dependents
• to maintain the payment of school fees

Life assurance can be in the form of either a fixed term or a whole life policy. These can be combined with other forms of protection, such as critical illness insurance, which would entitle you to receive a lump sum if a terminal illness is diagnosed. Life assurance premiums can be paid monthly or annually.