The sum assured is the amount that would be paid by a Life assurance policy on the death of the insured person. When life assurance is used in connection with loans and mortgages, the sum assured is usually set with the aim of repaying the outstanding loan if the borrower dies.
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Think Carefully Before Securing Other Debts Against Your Home. Your Home May Be Repossessed if You Do Not Keep Up Repayments On A Mortgage Or Other Debt Secured On It.
