Pays a lump sum to your beneficiaries or estate in the event of your death or terminal illness. Allows you to pay off any existing debts, cover living expenses for your dependents, or provide the financial support you’d like to give them in your absence. It may be the simplest form of life insurance, but life cover is undoubtedly one of the most important as it helps you provide for your debts and dependents. When you’re looking at life cover, there are 3 key things you need to understand so you know what you’re covered for, and what that means at claim time:How much you’re covered forHow your policy will be paid outHow your cover is structured – linked or stand-alone.