The beneficiaries of the policy holder would receive a death benefit should they pass away. This policy comes with benefits such as a terminally ill benefit, funeral benefit and financial planning benefit and these would all help you and your family should your circumstances change or you die.
With this type of policy there is a period where the death benefit is not made payable, so if you were to die within that agreed term your beneficiaries would receive the premiums you have paid as a payout.
So, if you are a pensioner or an older person looking for a policy to cover you that consists of a simple and quick process, this is the policy for you. All you would need to do is fill in an application form, there is no medical examination saving you a trip to the doctors and having to await test results.