What is Life Insurance?

Life Insurance is a personal cover policy, for which you pay monthly or annual premiums and, in return, your chosen insurer provides you with monetary protection which will pay out if you ever meet the terms of the contract. You choose the amount of money your loved ones will receive if ever they claim (anywhere from £1,000 into the millions) and the length of time you wish to be covered for (anywhere between 1 year and the rest of your life), and the money will go to the people you love if they ever have to be without you.

Life Insurance comes in many shapes and sizes, and the language and misconceptions surrounding it can make it a tricky thing to approach. Many people worry that Life Insurance is a dangerous investment that rarely pays off but, on average, 98% of all Life Insurance claims made in the UK are paid out.

Based on ABI's 2014-2015 review

Mortgage Protection Life Insurance

is a policy where the amount for which the holder is insured decreases over time, usually to match their mortgage repayments. This policy is designed to ensure that your loved ones are not left with the debt of maintaining your home repayments if you should die before the mortgage loan is fully repaid. Find Out More

Level Term Life Insurance

is a policy where the amount for which the holder is insured remains the same throughout the policy, ensuring that your family is left with a chosen sum to help pay for expenses or keep them comfortable. This policy can run for any length of time between 1 and 70 years, up to a maximum of ages 80-90 depending on your insurer. Term assurance plans typically have no cash in value and will cease at the end of the term. If premiums are not maintained then cover will lapse.Find Out More

Whole of Life Insurance

is a policy where the amount for which the holder is insured remains the same for the rest of their life. This policy will pay out no matter when you die as it has no expiry date. Find Out More

Critical Illness Cover

can be added onto any of the above policies, or taken out as a separate policy. It covers the holder in the event that they develop one of a list of pre-defined illnesses to a degree that the insurer deems ‘critical’, and pays out whilst you’re still alive to help with the expenses of being critically ill. Find Out More

Joint Cover

is a term to describe any of the above policies that is taken out in the names of two people and pays out in the event of either of the holders meeting the conditions of death or illness. Find Out More

Over 50s (non-Medical) Life Insurance

is a policy designed for those over the age of 50, which doesn’t require any medical questions or exams. As long as you meet the basic age and affordability requirements, your application is guaranteed to be accepted. Find Out More


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