- No hidden fees.
- Personal relationship.
- Insurance experts.
- Flexible appointments.
Book a free call to speak to one of our advisers. We'll talk through your options and see if we can help you find life insurance to suit your needs and budget.
Whatever your needs and budget, there is a life insurance policy that can provide you and your loved ones with some level of financial security, protection, and peace of mind in the event of your death.
Life insurance policies in the UK come in a range of different types and options, and you can choose based on your financial dependents and obligations.
When you take out a life insurance policy, you agree to pay a monthly premium to the insurance company. In return, the insurance company will pay out a lump sum of money to your beneficiaries when you die.
There are two main types of life insurance in the UK: term life insurance and whole life insurance.
- Term life insurance is a type of life insurance that provides coverage for a fixed period of time, known as the term. The term can be anywhere from 1 year to 30 years. If you die during the term of your policy, the insurance company will pay out the death benefit to your beneficiaries. Once the term ends, the policy will expire and you will no longer be covered.
- Whole life insurance is a type of life insurance that provides coverage for your entire life. As long as you keep paying the premiums, the insurance company will pay out the death benefit to your beneficiaries when you die. Whole life insurance is more expensive than term life insurance, but it provides lifelong coverage.
- There are a few factors that will affect the cost of life insurance in the UK, including your age, health, and the amount of coverage you choose. You can get quotes from different insurance companies to compare prices and find the best policy for your needs.
Here are some of the benefits of having life insurance in the UK:
- It can provide financial security for your loved ones in the event of your death.
- It can help pay off debts, such as your mortgage or car loan.
- It can provide money for your children's education.
- It can help cover funeral expenses.
If you have loved ones who rely on your income, then it is a good idea to consider getting life insurance. A life insurance policy can help to ensure that your loved ones are financially secure if you die unexpectedly.
Tips for choosing a life insurance policy:
- Compare quotes from different insurance companies.
- Consider your needs and budget.
- Make sure you understand the terms of the policy.
- Ask about any discounts that may be available to you.
Our advisors are always happy to answer any questions you may have about life insurance.
What is life insurance?
Life insurance is a type of financial product that pays out a lump sum or regular payments to your loved ones when you die.
It’s designed to provide financial security to your family in the event of your death, and can be used to pay for funeral costs, outstanding debts (including mortgage payments), and living expenses.
Life insurance policies are typically bought for a fixed term (e.g., 10, 20, or 30 years), and the premium payments can be fixed for the duration of the policy.
- When you take out a life insurance policy, you need to choose the amount of cover you need (the ‘sum assured’), and the length of the policy term.
- The amount of cover you need depends on things like your outstanding debts, living expenses, and the financial needs of your dependents.
- If you die during the term of the policy, your beneficiaries will receive the sum assured tax-free.
The cost depends on factors like age, health, lifestyle, and the level of cover.
To take out a life insurance policy, you often need to provide medical information and answer questions about your health and lifestyle.
- It’s important to regularly review your life insurance policy to ensure that it still meets your needs, and to make changes if necessary. And if you need a review, talk to one of our experts.
How much life insurance do I need?
The amount of life insurance you need will depend on several factors including:
- Your financial obligations.
- Your lifestyle.
- Your family situation.
If you don’t have dependents, it may not be worth taking out life insurance. Getting good, honest advice here is key.
To calculate how much life insurance you need:
- Assess any loans or debts, such as mortgage payments, credit card balances, and outstanding loans.
- Next, think about your family’s living expenses, including bills, food, and childcare costs.
- Multiply these expenses by the number of years you want to provide for your family.
- You should also factor in any future expenses, such as university tuition fees for your children or care costs for elderly relatives.
- Consider any assets you have, such as savings, investments, and property, and subtract them from your total financial obligations.
- The remaining amount is the minimum amount of life insurance you should consider purchasing to ensure your family is financially secure if you were to pass away.
You may want to consider purchasing more coverage if you want to leave a larger inheritance or provide extra financial security for your loved ones.
- It’s important to regularly review your life insurance coverage to ensure that it still meets your needs as your financial situation changes over time.
- There are online calculators and tools available that can help you estimate how much life insurance you may need based on your financial situation and lifestyle.
What types of life insurance policies are there?
Term life insurance
This is the most popular type of life insurance policy in the UK. It provides coverage for a fixed term, typically between 10 and 30 years, and pays out a lump sum if you pass away during the term.
Family income Benefit
This is a type of policy that pays out a regular income to your beneficiaries instead of a lump sum. This can be a useful option if:
- You want to ensure your family has a steady income if you were to pass away.
Critical illness cover
This can be an add-on to your life insurance policy.
It provides a payout if you’re diagnosed with a specified critical illness, such as cancer or heart disease.
Over-50s life insurance
is a type of policy designed for people aged over 50.
- It does not require a medical exam.
- And typically provides a smaller payout to help with funeral expenses and outstanding debts.
Joint life insurance
This is a policy that covers two people, usually a couple.
- It can be cheaper than two separate policies.
- But it only pays out once, usually after the first person passes away.
You can also customise your life insurance policy with various options such as:
- level or decreasing coverage
- guaranteed premiums
- or a waiver of premium if you become seriously ill or disabled.
What factors affect the cost of life insurance premiums?
What you pay will depend on a variety of factors including your age, health, lifestyle, and the level of coverage you require.
- Your age is one of the most significant factors. Generally, the younger you are, the cheaper your premiums will be.
- Your health is also an important factor. If you have any pre-existing medical conditions, you could pay higher premiums be declined coverage altogether.
- Your lifestyle can also affect the cost of life insurance premiums. If you smoke or have a high-risk occupation or hobby such as skydiving, you’ll probably end up paying more.
The level of coverage you require will also affect the cost of life insurance premiums. The higher the sum assured, the more you will have to pay in premiums each month.
- The length of the policy term will also affect the cost of life insurance premiums. Generally, the longer the policy term, the higher the premiums will be.
Despite the various factors that affect the cost of life insurance premiums, there are still ways to save money on your coverage. For example:
- You can choose a term that matches your needs rather than opting for longer coverage.
- You can make changes in your health and lifestyle to reduce your risk profile.
Your location can also play a role. If you live in an area with a higher crime rate or higher mortality rate, your premiums may be higher.
As always, we recommend taking advice to find the best coverage for you at a price that works for you. We’re here to answer any questions you have about life insurance.
How do I compare life insurance policies?
Start by working out your needs and budget. A few things to think about are:
- Any outstanding loans or debts that need to be paid off (including mortgages unless they’re covered by a separate policy).
- Immediate outgoings your dependants would need to pay.
- Future spending you would have wanted to make, eg university costs for the kids.
- Any additional expenses a death may trigger, such as funeral costs.
Research different types of life insurance policies and decide what matches your needs most closely.
Compare the features of each policy such as:
- The length of the term.
- The payout amount.
- Any additional benefits or riders.
Check the policy exclusions and limitations to ensure that the coverage meets your specific needs. For example, some policies may not cover certain medical conditions or activities.
Remember, it’s not always about cost. We can help you compare premiums, features, and benefits side-by-side. Here’s what we’ll help you to do:
- Review the policy documents carefully and ask any questions you may have before deciding. Our advisors are happy to discuss life insurance with you, so get in touch if you’d like to find out more.
- Make sure you understand the terms and conditions, including any exclusions or limitations.
Finally, once you’ve taken out your policy, regularly review it regularly to ensure that it still meets your needs and is still the best value for money.
In summary, life insurance is a contract between you and an insurance company. You pay regular payments, called premiums, and in return, the company promises to give a sum of money, called the death benefit, to your loved ones when you die.
This money can be used to pay for things like funeral costs, debts, and to support your family financially.
It’s important because it ensures that your family is taken care of if something happens to you.
The amount of coverage you need depends on factors like your income, debts, and expenses.
You can choose from different types of life insurance, such as term life insurance that covers you for a specific time, whole life insurance that covers you for your whole life and has a savings component, or universal life insurance that offers flexibility in premium payments and benefits.
It’s essential to understand the options before deciding what’s best for you.
How we can help you
We are a family run business with a focus on giving you professional advice of the highest standard. Drop us a line or give us a ring. Our passion is helping people make informed decisions to make the right deal for them, based on their budget and needs. Building good relationships with our clients is all part of giving you professional, high quality service.