Glossary - Life insurance
Description
Life insurance is a policy that pays out a lump sum or regular income to named beneficiaries on the death of the insured person, providing financial protection for dependants or helping meet specific liabilities. It is often used in estate and financial planning to replace income, repay debts, or cover inheritance tax.
Alternate Names
- Death benefit
- Beneficiaries
- Term assurance
- Whole of life policy
- Trust nomination
