Many people consider Life Insurance a vital aspect of financial protection. It can provide some financial peace of mind if the worst were to happen. Others want insurance to help provide a tax-free lump sum for their family if they were to die.

Another frequent use is to repay a Mortgage if the mortgage holder were to die. Life insurance ensures that your mortgage will be completely paid off if you die during the policy’s term.

If you do not have dependants, it is better to take out Critical Illness Insurance. That way you benefit from the cover yourself if you become critically ill or permanently unable to work through illness or injury.
If you have a family you should consider insuring against critical illness as well as taking out Life Insurance.