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Life insurance is one of the most selfless things you’ll ever buy. It’s about making sure that the people you love the most are well looked after should the worst happen.
Taking out life insurance could ensure that your family keep the home they’ve grown up in, or that your children go to university, even if you’re not around to help with the expense.
The peace of mind it provides means you can get on and enjoy life without worrying, and it doesn’t have to break the bank. Life insurance can cost as little as £17.38 a month.**
There are different kinds of life cover to suit all situations, whether you need cover as a couple or individual, if you want it just to cover your outstanding mortgage balance or you want a lump sum on pay-out that you know won’t change over the period of your cover.
We make it easy to compare life insurance quotes, whether you want to check out your options online, or speak to an expert.
What is life insurance?
At its simplest, life insurance is designed to pay out a sum of money to your loved ones in the event you die. This is to give you peace of mind that basics such as your mortgage, child care costs and even funeral expenses, are taken care of when you’re not around.
We’ll help you find the type of life insurance cover that’s right for you. If you get stuck or confused at any point we have LifeSearch on hand to help answer any questions you may have. They’re one of the UK’s most awarded life insurance specialist, providing free, impartial advice about choosing a life insurance product and provider.
What types of life insurance are available?
Although it can appear confusing at first, broadly speaking there are two main types of life insurance cover:
Level-Term insurance which means your cover is for a particular period of time (5,10,15 years etc.) If something was to happen after this time, then you wouldn’t be covered by the policy.
Decreasing cover insurance which is designed for people whose protection needs will decrease over time. For example, if you are paying off your mortgage, the amount you owe on that mortgage will decrease. So the cover amount you might need in the event of your death, will reduce.
Deciding which is right for you will, of course, depend on your own circumstances.
Which life insurance cover is right for me?
When it comes to life insurance policies, you’ll have some of the following to choose from:
Level-Term, which will leave a lump sum in the event of your death. Commonly chosen by those looking to provide protection for things such as child care costs which importantly could help maintain your loved ones lifestyle.
Joint life policies, which could be a good idea for couples who share financial commitments. These can be cheaper than two separate policies. However, it’s worth remembering that these policies end once the first partner passes away.
Over 50s plans, these tend to offer a smaller payout to cover things such as funeral expenses, but the premium is guaranteed for life. These usually won’t require a medical as most are calculated on a statistical risk.
Whole of life insurance, this type of cover is as it says on the tin - covers for you for life. It's good in the way that if your health deteriorates then your premium won't be affected. However they are often more expensive than other policies.
If you’re unsure about the exact amount of cover you’ll need, use our handy Life Insurance Cover Calculator to get an estimate.
Who should think about getting life insurance?
Less than a third of adults with children in the UK have life insurance (just 1 in 5 families). Those with loans, mortgages and financial dependents should consider getting a policy. Although it’s common to get a new policy after a major life event (new baby, moving house), it might be a good idea to buy when you’re young and healthy as the premiums could be cheaper.
If you’re a home owner, your policy isn’t tied to your mortgage, so it’s still worth comparing your options to see if you can save on an existing policy.