Shopaholic? Me?

What does the term life insurance mean?

It is one thing to assume that it means if you die, you are cover and your dependants receive some cash from your insurers but the reality is far from that. You can have criticallife insurance, ie if you are diagnosed terminal or for some reason cannot work, this policy would cover you but most do not include this extra. You also pay a ridiculous amount for it. Personally, I think if you put the amount you would pay the insurance away instead of paying premiums, you have a better chance of being financially better off. Although you never know as your accident could happen within days of taking out your insurance. Then again, most will not cover you for a period of time eg the first 3 months! You could have medical life, this is where they cover your medical bills for private health care. Again expensive but it does cover MOST of your medical bills. Check about dental and optical as often they are separate yet again. And last but not least they only pay out for life insurance is certain cases of death, ie they wont pay if they think it was suicide!

As with all insurance read the very fine and tiny print!