Life Insurance

Life insurance, like life assurance, is designed to pay out once the insured person dies. Life insurance is taken out over a set tenor and pays out a tax-free lump sum to named recipients only if the insured person dies during the life of the policy i.e. a life insurance policy has a start date and an end date. Life assurance a.k.a. ‘whole of life’ cover covers the insured person for life.