Life assurance

Life Assurance:

• Is a policy provided by a Life Assurance Company that pays out either a lump sum or a series of payments if or when you die. These payments are normally paid without the deduction of any personal income tax, and in most instances are actually tax-free.
  
  
• The proceeds of a Life Assurance policy can be used:
  
  To pay off a debt such as a mortgage.
  To provide an income or lump sum for your dependents.
  
  
• You pay a monthly or annual premium to the Life Assurance company for either a given time span or in the case of Whole of Life Assurance normally through to death (some Whole of Life policies have a maximum age limit on premiums).