Life Insurance.

Life Insurance.

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Is Life Insurance Right for You?

If you have dependents, it's probably right for you. Anyone who provides for a family or loved one, be it raising children, paying the mortgage, assisting an elderly parent, or caring for a disabled family member, can benefit from life insurance. If you want to make sure your family is provided for after you’re gone, insuring your life is a must.

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Types of Life Insurance

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Life Insurance

Life Insurance makes sure that money is not a burden for your loved ones after you're gone.

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Critical Illness Cover

Critical Illness Cover pays your loved ones a lump-sum in the event of you becoming seriously ill and can no longer work.

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Income Protection Insurance

Income Protection Insurance makes sure that you still have an income if something happens to you.

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Further Reading...

What is Life Insurance?

Essentially, it's an insurance policy that provides your family or designated beneficiary a sum of money in the event of your death. In exchange, you pay a monthly payment (premium) in order to insure yourself. This provides you peace of mind that your family will not have to worry about finances after you’re gone.

How much does it generally cost?

Overall, insurance can be great value if you find the right plan. Premiums will vary greatly by plan and provider and depend on both what you’re looking for and your own age, lifestyle, and health. Many times, however, it can cost as little as a few pence per day to insure yourself.

How much coverage can you get?

This will also vary greatly by plan and provider. Policies can be as low as £10,000 or well over £1 million. Generally speaking, the higher your premium, the more coverage you will have.

Does life insurance cover severe injury or illness?

No. Most policies do not cover injury or disability, even if the insured can no longer work. It typically does not cover illness either, and it’s difficult to get coverage if you have serious pre-existing conditions.

However, some policies will pay out in the case of certain terminal illnesses.

What are some exclusions that will stop a policy paying out?

Most providers will include exclusions in their policies to mitigate risk. These are certain circumstances under which the insurance plan will not pay out to your beneficiaries. They vary by plan, but usually include suicide, war, fraud, illegal activity, and drug use.

Is my family paid in installments or a lump-sum?

Will my coverage also pay for funeral costs?

This depends. Unless you've specifically requested it as part of your policy, then the funds won't be initially available to your loved ones. This is due to payouts being delayed by questions around the cause of death, and other times insurance providers are too slow to send payments before a funeral is organised.

How can I get covered now?

This one's easy! Click here to get yourself a free insurance quote.

Frequently Asked Questions

What is life insurance?

Life insurance is a type of insurance policy that pays out a lump sum of money to your family & dependents in the event of your death.

Life insurance is one of the most generous things you'll ever purchase. By purchasing a life plan, you can make sure that the people you love the most are well looked after should the worst happen.

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Read more about critical illness life insurance >

Read more about income protection life insurance >

Which type of life insurance cover is right for me?

There are three main types of life insurance cover - these are:

Level term insurance policies pay out if you die within a fixed timeframe which you choose up front. Premiums and pay-out stay the same, regardless of whether you die on the first day, or the last day of the policy.

Learn more about level term life insurance >

Whole of life policies guarantee to pay out regardless of when you die – with no fixed time limit. These are normally more expensive, but you can get lower monthly costs by taking out an Over-50s policy.

Learn more about whole life insurance >

Decreasing term insurance policies are usually aimed at covering the remaining debt on a repayment mortgage if you die. These policies usually have a set timeframe and the pay-out decreases over the policy term – usually in line with the remaining mortgage debt. There are other tailored life insurance plans (such as Critical Illness Cover, Income Protection and Mortgage Protection).

How much does life insurance cost?

This really depends on your own specific circumstances, but the average UK monthly life insurance cost is roughly £8.50 (but can be as little as £5 per month). The factors that have an impact on your life insurance costs include:

Age: Usually, life insurance rates increase as you age. If you are already over 50.

Health: Do you smoke? Any chronic conditions? These could have an effect on the cost of your life insurance.

Read more about critical illness insurance here >

Gender: Statistically, women live longer - and pay lower life insurance because of it.

Occupation: Some jobs require more health risks - if you're a sky diving instructor, you will most likely be paying more on life insurance than the typical office worker.

Examination: A thorough medical checkup will let the insurer know if you're low risk - meaning your monthly payments will be lower.

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How much will I leave behind, if anything were to happen?

Again, this is largely dependent on the type of life insurance policy you decide to take out. The average life insurance payout is roughly £51,000, but with certain providers, this average raises to over £115,000.

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However, these averages are basic indications on how much your dependents would receive in the case of your death. Unfortunately, there is no sure fire way to know how much would be paid out, and your best bet is to get a free quote and see for yourself.