Life
Insurance in UK
In general, life insurance is a type of coverage that pays
benefits upon a person's death or disability. In exchange
for relatively small premiums paid in the present, the policy
holder receives the assurance that a larger amount of money
will be available in the future to help his or her beneficiaries
pay debts and funeral expenses. Some forms of life insurance
can also be used as a tax-deferred investment to provide funds
during a person's lifetime for retirement or everyday living
expenses.
A protection against the loss of income that would result
if the insured passed away. The named beneficiary receives
the proceeds and is thereby safeguarded from the financial
impact of the death of the insured.
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