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.Get Started
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.
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.
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.
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.
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.
It is up to you. You can choose to have your beneficiary paid in a lump-sum or to have your policy paid out in the form of regular income.
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.
This one's easy! Click here to get yourself a free insurance quote.
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.
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.
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.
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).
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.
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.Get a quote now >
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.
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.