Life Insurance

What life insurance is, how much it costs and if it's the right thing for your personal situation

Life insurance for you and your family

What is life insurance?

You can include critical illness cover as part of your life insurance cover or take it out as a separate policy.

The idea is that if you die, the life insurance pay-out will support your family if they rely on your salary.

Your family will be able to spend the money on whatever they want.

Life insurance is not the same as life assurance. They both pay out when you die but the premium structure is different.

You pay most life insurance policies in monthly premiums. When you buy a life insurance policy you’ll choose who’ll get the life insurance payout. This is a ‘death benefit’.

Do I need life insurance?

You do not have to have life insurance. But it’s a good idea to have it if you:

  • are married
  • have a joint mortgage with your partner
  • have children
  • have other people that rely on your salary such as elderly parents

It’s also useful for stay-at-home parents. This is because if they died the partner would have to pay for childcare or domestic help.

More about life insurance

Life insurance is often sold alongside mortgages by mortgage brokers or financial advisers.

You can get quotes or compare life insurance from our advisors.  If you’d like to know more about our services, why not arrange a free callback?

When you take out life insurance, the provider will ask you questions. It’s important to answer them honestly.

If you do not tell us something you know, it’s a “non-disclosure” and could mean your claim is turned down.

A term insurance policy pays out if you die within a given time which is set when you take out the policy. For example, some people take out term insurance to match the term of their mortgage.

Many couples take out joint life insurance, as it is often cheaper. This type of policy normally only pays out once, when the first person dies.

The surviving partner will need to take out another policy to protect someone who relies on them financially.

You can hold more than one life insurance policy. Your beneficiaries can claim from all the life insurance policies you have if you die.

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