LIFE INSURANCE

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What is Life Insurance?

Life insurance is invaluable for many that want to give their family/loved
ones the protection of a payout after they have passed away.

Life insurance is a type of insurance that you can purchase that will pay out a lump sum to your family members if you pass away during the term of the policy. Available through a variety of insurance companies in the UK, it can be purchased by an individual or can be a benefit of working for an employer such as death in service, relevant life insurance or group life cover.

Life insurance is invaluable for many that want to give their family/loved ones the protection of a payout after they have passed away. A helping hand to pay the mortgage, and assist with childcare costs. It is a must for many when they buy a house together or have children. Through our website, you will be able to find an array of life insurance providers which each come with their own benefits, budget-friendly monthly costs and payouts.

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Types of life Insurance?

There are several types of life insurance available (depending on the insurer that you choose), including:

Term life insurance: This pays out after you pass away, can be adjusted to your requirements and can be incredibly invaluable to loved ones that require financial stability after you have died.
Whole-life insurance: This covers you for your entire lifetime – but comes with its own disadvantages (of which are listed below).
Increasing-term insurance: This type of insurance will increase your premiums each year to reflect the rise in inflation. This more expensive form of insurance is appropriate for those who have the extra money to cover the rise in premiums.
Renewable term insurance: This type of insurance will provide you with cover for a fixed amount of time, but can be extended once the policy comes to an end. The premiums might change based on your age, once you have renewed it.

Joint life insurance: You can take out a single policy between you so that each of you is covered in the case of death. This is generally considered as more cost-effective than paying for two separate life policies. A consideration of this type, however, is that it will only pay out after the first death
Death-in-service: A benefit that comes with many companies is a death-in-service benefit. This type of insurance will give their employee’s families a one-off lump sum if the employee passes away whilst they are employed by the business. Death doesn’t have to be related to the workplace or have to happen whilst they are at work. It is worth checking that this type of benefit is or isn’t included before taking out a life insurance policy. They are, however, generally equal to up to four years salary, therefore might not be as much as your family requires to be financially stable after you have gone. They also will end when you leave the company.

How Does it Work?

When you are thinking of purchasing life insurance, it is important to
consider other types alongside term insurance.

Term insurance, which is often the most popular and common type of life insurance will pay out a lump sum (also known as the ‘sum insured’) if you pass away within a set amount of time. When you start to compare life insurance quotes, you will have to set the payout amount, alongside the length of the term. In order to pay the life insurance each month, you should, however, ensure that you have money each month to do so – there could be a penalty if you miss a payment or the insurer could simply stop to cover you.

When considering the amount you want the insurance to payout, you should consider how much money you need for your family to be financially stable after you have passed away, alongside how much money and time might be left on the mortgage. When you are taking out a mortgage, your mortgage lender might suggest that you take out life insurance to make sure that if anything happens within the term, your loved one has enough to pay the mortgage and the bills off each month.

When you are thinking of purchasing life insurance, it is important to consider other types alongside term insurance. You can also purchase decreasing term life insurance – although this will result in less of a payout if you pass away near the end of your policy or level term life insurance which will pay out the same amount of money, no matter when you pass away. These types of insurance, alongside the ones listed above, will each have their own payment process/conditions. It is therefore important that you are aware of the type of insurance that you have purchased and how it differs from other forms in terms of its small print and costs.

How to Compare Life Insurance Quotes

If you are on the hunt for life insurance quotes, it is a good idea to know
what to look out for.

Through our website, you can compare life insurance quotes online and get a quick quote that will help you to narrow down the options. You should look at what each of the life insurance policies covers, what they don’t cover, the amount that they cost and how long the cover is applicable for. The price of the life insurance will depend on your lifestyle – and the cost will be higher each month if you are considered as a high risk – i.e. if you have a medical condition, if you smoke, if you are overweight, etc.

When comparing, you should also look at the ratings of each insurer. If the provider has a notoriously low payout, they probably aren’t the most reliable. However, through our website, we only have the best selection of providers to choose from, with reliable and trustworthy services.

It is vital that you read the terms and conditions that come with each policy so that you know what it does and doesn’t include before you purchase it. You shouldn’t wait until it is too late – you should get life insurance as soon as possible so that you know that there isn’t a chance that you will leave your loved ones with no financial stability after you have gone. So as soon as you have people relying on you financially or you have just entered a mortgage, it is a good idea to start comparing life insurance prices.We won’t be beaten on price. Get your quote for your life insurance today either by using our easy to use the online form or by calling us on 02071128844

Add Ons

You can also look into policies that can include your partner and critical illness cover. As mentioned above, joint policies are ideal if you have just bought a house, giving your partner the financial cover that they need if the unexpected happens. Critical illness cover is a great addition that will pay out a tax-free lump sum if you have been diagnosed with a critical medical condition – one thing to consider with this addition, however, is that it can raise the cost of your life insurance policy each month and it can’t be paid out if you/your loved one passes away within 14 days of the diagnosis.

Life Insurance FAQ

It is a long established fact that a reader will be distracted by the readable
content of a page when looking at its layout.

How much life insurance cover do I need?

This will depend on your personal circumstances and the amount of coverage that you require. In order to calculate the amount that you need, you will have to consider the length of time, how much you can afford to pay each month and other aspects – which will be factored into which provider you choose.

Are the premiums fixed?

This will depend on the insurer (some providers might have reviewable premiums, in which the cost per month will be reviewed every 5-10 years) and the type of life insurance that you take out. Term life insurance tends to have fixed premiums that don’t change throughout the term.

Can I include my children on my life insurance?

Many insurers will allow you to add your children to your life insurance policy. This will mean that they are also covered, even if they aren’t over the age of 18 (which is the age at which most insurers will let people apply for life insurance policies).

Do you need life insurance if you have a mortgage?

Although it isn’t a legal requirement to purchase life insurance if you have a mortgage, many lenders will recommend you have it. This will protect you and your partner if you pass away during the term.

Do I need life insurance if I’m single?

Often, people think that single people don’t need life insurance as they often don’t have children and therefore no one is relying on their income each month. However, there are many reasons as to why it is beneficial to have life insurance if you are single. Firstly, it is good to have the money to pay for your funeral after you have gone – you don’t want your loved ones to have to pay for the bill with no financial assistance. Secondly, you may have debts that need to be paid or a mortgage that needs to be covered – you don’t want your next of kin to be responsible for the payments when you have passed. Thirdly, if you have a hereditary medical condition – it is a good idea to get life insurance now before the condition deteriorates your health.

Is there an age limit for life insurance?

No, but the premiums will be higher if you are older. Many insurers provide life insurance for those over age 50, which can prove invaluable. Those of the older generation can use the premiums as a way to cover their burial costs or other end of life expenses that have accumulated. As the premiums are higher when you are over 50, it is important that you thoroughly compare quotes in order to get a good deal.

What happens to term life insurance if you don’t die?

This will depend on the provider that you have purchased the life insurance from, but generally, the funds that have accumulated will be forfeited. If you have a return of premium term life insurance policy, you will be able to receive all of your premiums back if you have outlived the term set by the policy.

At what age should you buy life insurance?

Purchasing life insurance is a big decision, no matter what your age. It is most suitable for those who have just purchased a house (and are looking for a joint policy) or have children/loved ones that rely on you financially and would struggle if they were left with no money after you have passed. On average, you should be above the age of 18 to qualify.

Which is better, term life or whole life insurance?

The answer to this is dependant on what your personal preference is and what you need it for. Term life, will payout once you have passed, whereas whole life covers you throughout your lifetime. Unlike term life, whole life is designed to build up cash value, whereas term life has no value until you pass away. Many people favour term life over whole life as the premiums that you pay on whole life insurance are more expensive – this is due to the cover, alongside the fact that you can take out some of the money that’s accumulated throughout the term.

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Call Us 020 71128844

What is Life Insurance?

Start with US

Types of life Insurance?

How Does it Work?

How to Compare Life Insurance Quotes

Add Ons

Life Insurance FAQ

Why Choose Us?

How it works

Our Customers Love Us!

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