Though a glance at the headings to each part of this site, will show that there are many different types of life insurance policy, the basic aim of all life insurance is simple.
It is to provide a guaranteed sum (the "sum assured") on the death of the insured life or at a specified future date (the "maturity date") in the case of an endowment policy.
The sum assured may be needed to pay off a mortgage if the breadwinner (or one of them) dies, or to help a widow (or widower) bring up a family, or to start a business, or to go on the holiday of a lifetime, or to provide a lump sum for a child when it comes of age, or to provide for a comfortable retirement, or to pay school fees, or to meet capital transfer tax (CTT) liabilities on a family business, or . .. the list is endless.
There really is no end to it, for life insurance can be used to meet almost any future financial need or commitment and, properly used, is often the cheapest and most effective way of doing so. see www.aiminsurancegroup.com/life-insurance
If this is the case, why then is it an axiom in the life insurance business that "life insurance is never bought but always sold"? The reason is that life insurance's most basic function is protection.
This indeed is what is unique about it, for you can invest in a hundred and one ways for the future, but only life insurance enables you to guarantee financial security for your dependants. And it is this protective function of life insurance that most often puts people off the subject entirely,........ see: click here for The Basic Principles
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