There’s no doubt that the coronavirus pandemic has taught us a number of valuable lessons – one of which is how financially vulnerable we are.  Many have witnessed first-hand how quickly life can change and perhaps been reminded of the importance of having financial protection in place. If you've been motivated to take out life insurance since COVID-19, here’s what you need to know. What is life insurance? Life insurance pays out a lump sum to your family or other dependants if you pass away during the term (length) of the policy. It offers peace of mind that your loved ones would be financially protected if you were no longer around to provide for them. The funds received can be used by your dependants however