A very simple concept - it pays an agreed lump sum to your estate if you die. The types of life cover available do vary. Term is probably the most common.

This makes a payment if you die with in the insured term of insurance. If you don't die by the end of the insurance it does not pay out Variations of this include decreasing term which is designed for repayment mortgages and is designed to pay out the remaining balance of your mortgages. The further into the policy the less you get. The opposite is true of an index linked term insurance - this increased each year.

Search for a value for money life policy