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Life Insurance, what is it
Also known as Life Assurance, it is an insurance policy which will pay your family a cash lump sum payment upon your death. Life Assurance is a financial safety net. By taking out Life Assurance you are protecting your family from the stress and burden of having to deal with paying the mortgage and other household debts in the event of your death. If you are the family main earner, it could be crucial to your dependents to have Life Assurance. Contrary to public opinion, when you die, your debts do not die with you. In the case of mortgages, credit cards and loans for example, the responsibility will fall on your surviving spouse/partner or children. Life Assurance will potentially protect your family from financial hardship.
Your life assurance cover is available in a variety of options. It depends on your individual circumstances.
Options would be:
Options would be:
- Term Life Insurance/Life Assurance
- Critical Illness Insurance/Critical Illness Cover
- Income Protection Insurance
Even if you have Life Assurance it is important to review your policies to take into account changes in your personal circumstances.Why do I need Life Insurance/Life Assurance?
You may need life assurance if you buying a new home, remortgaging, starting a family, becoming a parent, in case of death or just for your peace of mind. If you are keen to leave an estate for your heirs, you can achieve this with Life Assurance - automatically providing money for your family after your death.
Usually, Life Assurance policies are taken to ensure that In the event of your death, your family or beneficiaries would receive a tax free cash lump sum and would therefore be in a position to pay off the mortgage, any loans, cover funeral costs, and/or maintain their standard of living.
If you have a wife/partner, children or a mortgage for example, a Life Assurance Policy will protect those you love.
Even if you do not have a mortgage, Life Assurance would provide a tax free cash lump sum for your family.
Even if you do not have a mortgage, Life Assurance would provide a tax free cash lump sum for your family.
Life Assurance pays a cash lump sum to your loved ones if you die, or become terminally ill. If you have a family or a partner who are financially dependent on you, or if you have liabilities such as a mortgage or loan then you should consider life assurance.
Can I afford Life Assurance/Life Insurance?
The question is, can you afford not to have Life Assurance? If you think your household budget is tight now, imagine how much worse it would be for your dependents in the event of your death. Is it worth risking your dependents financial future for the sake of a couple of pounds per week? Get a no obligation Instant Life Insurance Quote from our quotation system.
How much would Life Assurance/Life Insurance cost?
Life Assurance premiums are determined by a number of factors;. your sex, your age, your health history, your smoking status, your occupation, the amount of cover required, the length of term of the policy. Life Assurance premiums start as low as £5 per month. Our instant quotation system will provide details of life assurance available from a selection of top UK Insurance Companies. Our instant quotation system will give you real time Life Insurance Quotes and comparisons with the option to BUY your Life Assurance online, or if you prefer you can call us and speak to a qualified Insurance Specialist who will advise you on your Life Assurance needs.
Whats the difference between Joint Life or Single Life Assurance Policies?
You could consider two single Life Assurance policies rather than a joint policy. A Joint Life Assurance policy pays out if either policyholder dies. The Life Assurance policy then automatically terminates. At this point the second person is uninsured and probably at an older age. Older people can struggle to get life assurance, so consider taking out separate policies now rather than a joint policy. Although it could work out a little more expensive, you do get double the cover and double peace of mind. You could also consider adding Critical Illness to your new Life Assurance policy. By combining Level Term Life Assurance with Critical Illness in the same policy works out significantly cheaper than buying two separate policies.
By combining Level Term Life Assurance with Critical Illness in the same policy works out significantly cheaper than buying two separate policies.What is Decreasing Term Life Insurance/Assurance?
Decreasing Term Life Insurance is an insurance policy which will pay your family a cash lump sum payment upon your death. The lump sum decreases over the term of the policy eventually ending up a nil. This type of life assurance policy is commonly used to protect a repayment mortgage where the amount owed is reduced each year. The premiums are cheaper than a level term insurance policy. Decreasing Term insurance policies do not provide suitable cover for Interest only mortgages where the amount owed is not reduced each year. At the end of the term the cover ceases. It is not an investment policy and it has no maturity value. Decreasing Term Life Insurance is often referred to as cheap life cover. This kind of cheap life insurance is widely used to cover a mortgage when budget is a factor.
What is Level Term Life Insurance/Assurance?
Level Term Insurance is a life assurance policy which will pay your family a cash lump sum payment upon your death. The term insurance lump sum is fixed from the outset of the insurance policy. You choose the amount of cover you require and the term of the policy. Level Term Insurance would be a consideration for families with dependent children or if you had an interest only mortgage for example. At the end of your chosen term, the cover will cease. It is not an investment policy and it has no maturity value. The level term insurance policy's death benefit is subject to be worth less because of inflationary issues. In that case, an Increasing Term Insurance policy might make a better choice.
What is Increasing Term Life Insurance/Assurance?
In an Increasing Term Life Insurance policy, both the premium payment and death benefit increase over time either by a set percentage, or by a percentage determined by the variable retail price index (RPI). An Increasing Term Life Insurance policy will provide protection for the beneficiary against inflationary issues or other unforeseen financial difficulties.
What is Convertible Term Life Insurance/Assurance?
A Convertible Term Life Insurance policy type is designed specifically to be converted to a Whole Life policy from a Term Life Insurance policy either at the end of the original term, or sometimes even during the policy period itself. If someone is expecting a financial windfall within the next few years, they would benefit from a Convertible Term Life Insurance policy, as that windfall can be used as part of any additional premium required at the time of conversion.
What is Renewable Term Life Insurance/Assurance?
A Short-term insurance requirement is perfect for the Renewable Term Life Insurance policy type. It is designed specifically for shorter periods of time. The larger premium payment and flexible death benefit options reflect this. A Renewable Term Life Insurance policy is a useful insurance type for someone who is changing jobs, while remaining dependent on a life assurance benefit provided by their now former employer.
How much Term Life Insurance/Assurance do I need?
In determining how my Term Life Insurance you need, the following factors need to be taken into consideration depending on your personal circumstances. How much will I need to cover funeral costs? How much will I need to pay off my mortgage? What bills/loans/credit cards will need to be paid? How will my surviving partner and/or children maintain their standard of living? Take advantage of our Quick Calculator to determine your term life insurance needs.
What bills/loans/credit cards will need to be paid? How will my surviving partner and/or children maintain their standard of living? Take advantage of our Quick Calculator to determine your term life insurance needs.How can I ensure that my family receive the policy when it pays out?
Under normal circumstances, your life assurance pay out would be paid to your estate. It would then be left to the process of probate to decide how it who it will be paid to and how it will be divided. Probate can be a lengthy process, even if you have a will. To ensure your life assurance is paid out speedily and to those it is intended for it is recommended that your policy is written into Trust. Not only will this speed up the process, but in some instances it would help to reduce the effects of inheritance tax on your estate. You could instruct a solicitor to write your life assurance policy into trust, but there would be a charge for this service.
Lifecover2go would be happy to arrange your life assurance policy to be written into trust without charge.
What is the difference between terminal illness cover and critical illness cover?
Terminal Illness cover and Critical Illness cover is often confused - but they are very different. A Terminal Illness is any illness from which you are expected to die within 12 months from diagnosis (as certified by a Doctor). Terminal Illness cover is normally included free with your Life Assurance plan.
Critical Illness cover pays out if you are diagnosed with a much wider range of qualifying chronic illnesses and takes into account that you could survive for a very long time eg. certain cancers, heart disease, multiple sclerosis, loss of speech/sight/hearing, onset of Parkinsons or Alzheimers disease before the age of 65, coma, various tumours, stroke, third degree burns etc. Conditions do vary between companies. Critical Illness cover always costs you extra.
Would you like a free Life Assurance/Insurance review?
Let us review your life assurance cover for free. Life assurance is cheaper than ever before allow our experience team to find you the cheapest, most suitable cover on the market. Complete the form below for a free, no obligation life assurance review.
Complete the form below or call us and we will compare the whole market for the cheapest life cover quotation and provide advice for the most suitable life assurance policy for your circumstances.
Getting a Life insurance quote is simple and easy, we search the market for the best prices and allow you to apply yourself online, or if you prefer you can speak to one of our Qualified Protection Advisors, who will provide advice at any stage of the process.