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Help Centre»»What is the minimum and maximum cover for life insurance?

What is the minimum and maximum cover for life insurance?

It is important to consider how much life insurance cover you need to fully protect your loved one’s finances if you were to pass away. It is just as important to have a figure in mind to ensure you are not underinsured, but also to ensure you are not paying for cover which is unnecessary. Protect Line’s specialists can help you work out this figure if you are unsure.
Every insurer has slightly different thresholds, but generally speaking the minimum cover amount for standard life insurance is £10,000, although you may be able to request less.
There is no maximum amount you can be covered for life insurance, although each insurer has different risk tolerances and may not be willing to cover you, or will charge extra, for policies above £1,000,000. If you require insurance for seven figures the insurer will want to know why and likely require financial evidence to support your application. A broker like Protect Line can support you with this process. It may be easier to apply for multiple policies from multiple insurers. For example, it can be easier to obtain £3,000,000 of cover with 4 separate policies of £750,000 each, than it is to get one policy to cover the full amount.
Over 50s Life Insurance is not medically underwritten, meaning you do not need to disclose poor heath when applying for a policy. For this reason, the cover amounts available are significantly less. For Protect Line’s Over 50s Life Insurance the minimum amount of cover available depends on your age, but can be as little as £600. The maximum also depends on your age, but can be more than £15,000.
The minimum spend per month is usually £5 per month. The amount of cover that this can buy depends on the term requested and the applicant’s personal circumstances such as age, height, weight, health and lifestyle.

All help centre articles are designed to help give generic information to UK consumers. Protect Line operates on a non-advised basis, so no help centre article should be considered as advice or an indication of the terms and conditions of your policy. Insurers also update their terms and conditions from time to time and while Protect Line endeavours to keep all information up to date, there is a chance the information on these pages may become outdated. All information is correct at the time of publication. To ensure you fully understand the terms and conditions of your policy please read all your documents and contact us for clarification if there is something you do not understand.

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