Finance

Understanding Life Insurance: Benefits for British Seniors

by Isabella Hayes

Life insurance is a crucial aspect of financial planning that is often overlooked. It provides financial security for your loved ones in the event of your untimely death. No one likes to think about their own mortality, but having a life insurance policy in place can provide peace of mind and ensure that your loved ones are taken care of after you’re gone.

What is Life Insurance?

Life insurance is a contract between an individual and an insurance company. The individual, known as the policyholder, pays a premium to the insurance company in exchange for a death benefit that is paid out to the designated beneficiaries upon the policyholder’s death.

Types of Life Insurance

There are two main types of life insurance: term life and permanent life. Term life insurance provides coverage for a specific period of time, typically 10, 20, or 30 years. Permanent life insurance, on the other hand, provides coverage for the entire lifetime of the policyholder.

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