Life insurance is an insurance policy designed to offer financial help for you or your family when its needed the most. A life insurance policy often pays out when the policy holder dies, however critical illness cover can be added to the policy. This will mean the policy will also pay out if the policy holder is diagnosed with a specified illness during the cover period.
The length of cover and amount of cover required will differ for each individual depending on their own circumstance. When evaluating the length of cover required it is important to take in to consideration any dependants which financially rely on you or any outstanding mortgage balance which you wish to be covered for the the policy duration.
When calculating the amount of cover required include any loans or mortgages and childrens education fees such as university costs. Should the policy holder die or be diagnosed with a specific illness during the policy term, the cash payout will ensure any debts are be covered.
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Life insurance is a way to ensure financial protection for family members in the event of the death of an insured policyholder. Benefits are free from income tax and most policies have a degree of flexibility, allowing premiums to be reduced or increased depending on ongoing needs and long-term changes in circumstances. There are also policies that cover funeral costs, meaning that policyholders have peace of mind that loss of income, mortgage payments and one-off costs are covered after they die.
Over 50s life insurance is way to get an immediate plan in place for a lump sum to be paid out to your loved ones or family for bills, funeral costs or simply as a gift. These days, there are plenty of providers who don’t require medical checks, and who also cover accidental death. Cover costs are inevitably slightly higher than for younger policyholders, but the market is expanding and there are plenty of excellent deals out there.
Family life insurance pays out an agreed sum to the policyholder’s family in the event of their death. This can either be taken as level term insurance, where the amount would remain the same regardless of when death occurs, or decreasing term insurance, where the amount decreases the later in to the policy the claim occurs. Decreasing term life insurance is often taken out to cover a mortgage. Payments are made monthly and are generally very affordable.
Mortgage life insurance, as described above, is a decreasing term life insurance that covers any unpaid mortgage dept if the policyholder dies before it has been entirely paid off. This is not the same as Mortgage Payment Protection Insurance, which covers long-term sickness, injury or unemployment. With this kind of insurance, it’s important to consider whether you want single or joint protection. With joint, the other party is covered no matter who passes away, but in families where only one person works, single cover is most often used.
We can compare prices and offers from a range of major and smaller providers. All you need to do is complete our online application form and we will find a deal that suits your circumstances. The whole process takes 60 seconds and we keep everything clear, concise and jargon-free, guaranteeing you the simplest, quickest, easiest way to secure the right life cover for you. All our quotes are free, and 100% no obligation, and we won’t pressurise you to accept any quote over another. As an independent comparison function, we are able to offer an objective market view, so you really will end up with the best possible policy.
Disclaimer: Life Cover 2go is an independent website created to help users to get life insurance quotes.
Life Cover 2go does not provide any financial advice. Life Cover 2go works with FCA-regulated brokers who search and compare insurance policies from multiple UK insurers.
Our service is 100% free to use and you are under no obligation to accept any of the offers you receive.
*£7 per month based on a 30-year-old non-smoker taking out £185,000 level term cover over 20 years (L&G) - Prices correct as of January 2020
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