No, you don’t. Most banks will try and sell you life cover but you don’t.

No, many policies have funeral benefits, financial advice benefits built-in. Make sure you ask your adviser to look into this.

Some may but often if you keep paying the policy premiums then the insurance company will obligate the pay-out.

This depends on what you want for your beneficiaries. Some polices have links to Trauma cover which can be paid out while you are alive. And when you die the balance is left over. Some companies allow you to by back the Trauma Policy and exclude the illness they paid out on, this in effect allows you to claim again for a trauma event. You need advice on this.

The simple question to this is to ask yourself ‘if I died yesterday, what would my dependants have? – this applies for business owners and families.