The Association of British Insurers and Group Risk Development figures show that the insurance industry paid out £6.2bn in 2020 alone for life insurance, critical illness, and income protection claims. This demonstrates that the idea that there is no point in investing in life insurance policies is untrue. In fact, the vast majority of life insurance policies will pay out with no issues at all. There are some reasons why life insurance won’t pay out but these will be explained further on and are fairly simple to avoid and, as we will demonstrate in the next section, life insurance can be an invaluable asset to you and your family.