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Tell me more about UK life insurance cover

Life insurance is a very complicated subject and it is important that you know straight away that we canít possibly cover everything on this page as there simply isnít enough space. What we can do is give you a starting point from which you can explore the other possibilities and we strongly encourage you to seek professional advice from a broker or an independent financial advisor. 

There are many different types of life insurance, but most of them can be put into one of two different classes: whole life insurance and term life insurance. Within these there are all sorts of possibilities, for instance insurance policies that offer critical illness protection, mortgage protection or policies that have savings/investment schemes attached to them, from which will hopefully help you to increase the amount of money that will be paid out to your beneficiaries upon your death. 

For most people, the idea of life insurance is to protect those around you who might need a little help once you are gone. If your salary is the only one in the household then you are probably responsible for supporting the family from a financial point of view. This could leave your family in a difficult position if there are still mortgage repayments to make on your property when you die. It is for this reason that many people choose to take out a mortgage protection life insurance policy. This type of policy will pay off the remaining balance on your mortgage upon your death, meaning that your family wonít lose the home that you have spent so many years trying to build and develop. 

Life insurance can be very expensive and for this reason most people tend to opt for term life insurance. This is a policy where you choose a term and effectively bet that you will die within this term. If you prove to be right your beneficiaries will receive a pay out. If you are wrong and you outlive the policy you wonít receive a penny. You can usually add various clauses to a term life insurance policy, for instance the mortgage protection outlined above (setting your term for the remaining term on your mortgage will mean that your family will be able to keep the home once you die), or a critical illness option. This is a feature which will pay out a fee to you if you are diagnosed with a critical illness (which must be listed in the agreed critical illness list provided by the insurance company) If your illness stops you from working and therefore stops you from being able to pay your mortgage or other financial commitment you could be left in a difficult position Ė a critical illness policy ensure that you can meet these financial commitments whilst you are trying to recover.

Disclaimer: The information contained on this page is not intended, nor should it be construed as providing any form of financial advice or guidance as to which insurance product/policy is right for you. If you are unsure as to which product meets your requirements/needs you should always seek advice from an Insurance Professional.

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