Answer:

Life Insurance is a protection policy that pays out a cash lump sum to your family should you pass during the term of the policy. The policy payout is a tax free benefit* that can be used by your family however they see fit.

It is usually recommended that the payout be used to pay off any outstanding mortgage or loan liabilities, as a replacement of lost earnings from the deceased, to pay for children's education expenses or to simply pay for funeral expenses. Most policies also payout in the event of diagnosis of a terminal illness with less than 12 months left to live.

*In certain circumstances Inheritance Tax can apply to your estate, the risk of this can be minimised by writing your Life Insurance policy into Trust.

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