WHAT IS LIFE INSURANCE?
Life insurance is a type of insurance policy that pays out a cash lump sum to your loved ones if you die.
It’s designed to provide you and your family with peace of mind that they will be looked after financially if you’re no longer around to provide for them.
WHY SHOULD YOU TAKE OUT LIFE INSURANCE?
Life insurance is a vital part of financial planning for anyone who has a mortgage and/or dependants.
Dependants could be your partner, your children or anyone else who is financially reliant on you.
Nothing can replace a lost loved one, but if the unthinkable happens to you it is essential that you leave your family in a financially secure situation.
Many people assume that their existing arrangements such as Death in Service from their employer is sufficient. This can be utilised in planning your protection but usually it is not sufficient to cover all of your needs.
HOW DOES LIFE INSURANCE WORK?
Life insurance pays out a cash lump sum if you die during the length of the policy. It can be used to help repay the mortgage or help protect your family’s lifestyle and everyday living expenses. You choose the amount of cover you require and how long you need it for.
You can choose level term assurance, where the cover remains the same during the length of the policy, or decreasing term assurance – this is usually to protect a repayment mortgage – where the cover decreases every month as the mortgage loan decreases.
HOW MUCH DOES LIFE INSURANCE COST AND WHAT AFFECTS THE PRICE?
Policies can start from as little as £5 a month.
The price you pay for a life insurance policy varies depending on a number of factors. These include:
- Your age
- Your medical history
- Your lifestyle
- Whether you smoke
- The amount of cover required
- The length of the policy
- Whether you choose add-ons such as Critical Illness Cover
- Whether you choose level or decreasing term assurance
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- Quick, simple and free!
- Easy online process to give you an idea of costs
- We do not charge to arrange any insurance policy
We work with the UK’s leading life insurance providers to offer you high quality cover at a competitive price.
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As with all insurance policies, conditions and exclusions will apply.
The cost of this insurance depends on several factors, such as your age, where you live and your occupation. As a result, the cost you will pay is based on your own circumstances.