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What is Life Insurance and how does it work?

A Life Insurance Policy

The purpose of Life Insurance is to protect the financial well being of your family in the event that you are deceased. It is an unfortunately part of life that as we are born, we will eventually come to rest. Nobody likes to think about it, and unfortunately due to the taboo nature and the discomfort around discussing the topic, every single day in the United Kingdom, 65 children lose a parent they rely on financially. The inevitable result is grief, despair and more often than not, financial ruin and poverty. The repercussions of sudden illness, from which there is a recovery or otherwise, can have serious financial repercussions on those loved ones who must cope in the wake of such events.

In essence Life Insurance is simple and often very cheap depending on need and what you wish to provide for. The right policy for you will be determined by multiple factors surrounding your lifestyle, your age, smoking habits, lifestyle and general health. Whether you want to provide for paying off a mortgage only as a sort of mortgage protection life insurance, or whether you intend to leave a lump sum to children or grandchildren when your time comes.

A lot of people are put off by the jargon and language in life insurance, and a result of this is that there are plenty of misconceptions and fears of it not paying out when the time comes, or that it rarely pays out. However the latest information available from an ABI review in 2017 is that 98% of life insurance claims made in the UK are paid out, which amounted to £12.5 million every single day in 2017. This of course is in part due to the robust FCA Authorisation and legislative standards surrounding the sale of Life Insurance and the requirements of Life Insurance Carriers. So if you’re interested in a quote, our dedicated broker team will hold your hand and help you through examining all the quotes available to you based on these factors.

Why do I need life insurance?

Look there’s no good way of saying this. Death is an inevitability, and when it happens and you have children, there is a horrific process that follows. Aside from a grieving family, and the need to make arrangements for a funeral and settle affairs. The family income is diminished by the loss of a parent, in some cases by a minority portion, in other cases more or less entirely.

So they’ve got all of the existential issues to go through but on top of that they have the uncertainty of paying off a mortgage, or finding income month on month to keep going. It’ll be a bad situation no matter what happens, but without life insurance the entire situation is compounded immensely.

So life insurance is a safety net – it protects the hard financial stuff so that the emotional well being of your kids can take front and centre. If something happens to you before your cover ends, your life insurance will payout a lump sum to your family to help cover the financial loss that follows.

For such a small amount per month it really is worth the peace of mind and protection for your family.

How does life insurance work?

Life Insurance comes in several varieties that we will outline here, and that you can read about on our website. The cost of which also can depend on various lifestyle factors and your personal circumstances. You can get life insurance from as little as £5 depending on cover required and payout desired. There are many options too, Level Term Life Insurance is the type most people think of when they hear life insurance. It is a fixed amount of money within a period of time if you were to die within that time. For instance if you had a £500k level term insurance policy to be paid out up until the age of 65, then within this time up until the age of 65 payout to your beneficiaries would be £500,000. You would choose how much this could be, from £5,000 up to even £5 million if you wanted, and you also choose how long this lasts for. As long as you keep paying your monthly premiums, your cover will always be in replace for the decades that follow.

Then you have decreasing term life insurance, or mortgage payment life insurance, where your cover amount decreases over time, this decreases in keeping with your mortgage reducing over time to cover you for the remaining mortgage costs just in case you die unexpectedly. So that your loved ones aren’t left paying off the mortgage on the family home as well as dealing with the fallout of your demise.

There are a multitude of factors involved, fortunately our team of brokers are dedicated to getting you the best life insurance to suit your circumstances, and get to know you and your situation, then present you with the facts.

You can get a quote online today. It’s fast and easy.

Can I modify my life insurance policy?

Life insurance policies aren’t fixed and are absolutely modifiable. That is to say if your life circumstances change, perhaps you have a baby, maybe took out a mortgage on a new house or got married and need to change your coverage. Maybe you took a pay cut and need to reduce your monthly premiums. No matter what the change of circumstances are, modifying your insurance policy through is the best way to get access to excellent services and incredibly competitive rates from the top insurance agencies in Britain. Either we’ll get you a supplementary policy to cover your changes, or help your cancel your existing policy to create a new policy the supersedes it with cover for everything you need. Though contact us for a quote on that first, because your new health, age, lifestyle etc do have an impact on your new policy.

What is the cost of life insurance?

This really depends on your individual circumstances. Fill in our form for free quotes and we’ll gather them up for your circumstances, and walk you through the facts on each one to help you make that decision. But Life Insurance can actually start from £5 a month, depending on your age and lifestyle as well as other factors. The younger and healthier you are naturally the better your monthly rate will be. £20-25 a month is a pretty common average life insurance premium.

What factors affect the cost of life insurance?

Have you smoked in the past 12 months? How is your physical or mental health? What age are you, what do you do for a living, do you have any existing illnesses? These are all factors that are taken into account by insurance underwriters in preparing your quote. other factors include how long you want the insurance term to last, what kind of insurance you want, and how much cover you’d like paid out.

But our excellent team of life insurance brokers will ask you a series of questions to determine these, and work with you to find the best quotes available based on this information, presenting you with the facts for you to make a decision on the life insurance quotes provided.

How can I get life insurance?

The process of getting life insurance is very simple and easy through First of all, fill out our life insurance quote comparison guide in order to compare quotes that would be available to you. This will give you a great idea of how much a policy tailored to your lifestyle and intended period term and desired payout would cost you. Then one of our team can give you a callback and we will go through your quotes. Getting further detail from you about your health and lifestyle, age and so on. Once this is done we’ll present you with a tailored series of quotes personalised to your information. From here, you can choose how you’d like to proceed and we’ll be able to set up your policy of choice, same day, giving you instant peace of mind (in the majority of cases. Sometimes we have to do a further referral to underwriters if you’re a special case).

The majority of our customers aren’t sure what they are looking for when it comes to life insurance, it is something that a lot of people set and forget until the policy is nearing completion. So we understand there is a lot to figure out when you’re trying to decide what protection is best. We can offer advice to customers on this, and we will present you all the facts of the quotes available to you based on the information you walk us through, and quote you without any bias, or opinion – this leaves you without any pressure, and allows you to make a rational, clear decision for the best life insurance package for you.

There are different types of life insurance, what are they?

There are a whole variety of different life insurance policies and options available to people interested in getting life insurance. So here we have broken down the most popular products, and we have further pages explaining them in detail.

Level Term Life Insurance (also called fixed term life insurance)

A Level term life insurance policy is one where the cover stays constant (level) for the entire duration of your life insurance policy. This means that your family is left with a chosen amount paid out to them to help with expenses and comfort in the event of your unexpected demise. Level terms tend to run for 1 to up to 70 years. Depending on the insurer the maximum age allowed is between 80 and 90 years old. The Level Term life insurance assurance plans will have a fixed term, and no cash value. This means once the term is over they will simply cease. The other important thing to note is that if you do not continue to pay the premiums (some insurers will allow you a missed payment date with 2 weeks to make good on the missed payment) otherwise the cover will lapse, or the policy will be cancelled. Which is why it is important that you keep making those payments to keep the cover in place for the entire term. The premium is fixed for the entire term, and does not increase. So if you get them early, when you are younger, they can be exceptional value over time. Find out more about Level Term Life Insurance.

Decreasing Term Life Insurance (also called mortgage protection insurance)

The Decreasing Term life insurance policy is a generally cheaper policy with decreasing cover over time. The purpose of this is usually to match your mortgage repayments over the lifetime of your mortgage. The point is if you were to die suddenly and unexpectedly your loved ones would have a payout that covers your outstanding mortgage debt and are not put in a situation where they will have lost you, but may also be burdened with a financial commitment they can’t pay and ultimately lose their house as well. Especially if you accounted for a substantial portion of the family income. They are protected before your mortgage is fully repaid. It’s a policy that is only suited to mortgages where you are paying repayments on the equity of the property, and not interest-only mortgages. Find out more about Mortgage Protection Life Insurance.

Whole of Life Insurance

Whole of life insurance cover is a policy that pays out when you die, it pays out a fixed amount, and there is no expiry date. Your death triggers payout, and the amount you’re insured for stays the same for your lifetime. Whilst the payout isn’t anywhere near as high as the unexpected death payout that you would have received in your Level Term life insurance cover, it is still a guaranteed amount to go to your beneficiaries when your time comes to an end. Find out more about Whole of Life Insurance.

Critical Illness Cover

Critical Illness Cover is an add-on insurance that can be added to any of the policies mentioned previously, level term, decreasing term and whole of life cover. In fact you can also added it to join life insurance for each of the couple involved. This would cover a range of specified illnesses in the policy. You can also take this insurance out separately on its own but most people bundle it with other life insurance policies. For example if your policy covers cancer, workplace injuries of a particular nature, the insurance will pay out if the illness falls within the policy period. Critical illness cover will pay out while you are still alive, and it exists to help with the expense that can be incurred when you’re very ill and unable to work. Note that level term life insurance can pay out depending on your insurer if you have a terminal illness (if you get better miraculously, you won’t normally have to pay this back). Find out more about Critical Illness Cover.

Note however that critical illness policies won’t necessarily cover all definitions of what constitutes a critical illness. So you will need to confirm the definitions with the insurance product carriers, and they will be outlined specifically in the policy document of any plan you choose to proceed with for your review.

Joint Life Insurance

Joint Live Cover (or Joint Life Insurance) is a term used to describe the combination of any policies in this list that cover two people who are in a defacto relationship, cohabiting or married etc. The policies pay out in the event of the death of either of the policy holders, or their critical illness and so on. Some people prefer just to take out two single life insurance policies instead, so if you ring us up and you have your partner with you, let us know and we can examine and quote for them too, in order to find the best deal for you both for equal protection. Find out more about Joint Life Insurance Cover.

Over 50s Non-Medical Life Insurance

Life cover for over 50’s is a particular policy designed for those who are over the age of 50 and would like life insurance to pay into in order to leave something behind for beneficiaries. It doesn’t require medical questions or examinations and your application is guaranteed to be accepted. Find out more about Over 50s Life Insurance.

Remember, protection plans that don’t have an investment element won’t have a cash in value at any time, and if premiums on insurance products aren’t maintained then cover will lapse.