One of the most complex financial products for consumers to understand is life cover. These deals come with reams of fine print and it is hard to tell what your beneficiaries will receive when there is a claim.
Add to this the perception that life assurance companies are reluctant to make pay-outs and that there are many technicalities that stand between your family and a cash payment from the insurance company.
However, the flip side is that life cover is often the safety net that protects dependents from destitution and should be a “must have’ for everyone who wants to ensure their liabilities are covered when they can’t make the payments. In this article, independent financial advisor Dawn Ridler explains how life cover works.