A simples guide

How does a family life insurance policy work?

For most people, family is the most important thing in their lives. Taking out life insurance cover can provide peace of mind that, in the event of your death, your family will receive some financial support which can leave them with one less worry. 

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How does life insurance work?

To get a quote for  life insurance you’ll need to provide us with your personal details along with details of what amount of cover you’re looking for and the length of the policy.

When looking at the amount of cover, think about any mortgage or debts you’d want to clear and what sum would be required to help your loved ones to maintain the lifestyle they currently have with you.

When it comes to the length of the policy, remember that a term life insurance policy runs for a fixed term. If you choose 15 years for example, you will pay your premiums for the 15 years and if you’re still alive at the end of that term, the policy will just come to an end, unless you have discussed an extension with your insurer.

You’ll need to disclose whether you’re a smoker and whether you have any existing medical conditions and failure to provide this information accurately could invalidate your claim. You may also be required to undergo a medical too.

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What does it cover?

A pure life insurance policy will only pay out on the event of your death within the term of the policy. They do not cover you for illness, disability or loss of earnings.

You can buy other insurance products or sometimes add critical illness cover to your life policy.

Most life insurance policies have some exclusions. For example, they may not pay out if your death is due to drug or alcohol abuse. In addition, if you take part in risky sports you may have to pay extra to be covered.

As with any insurance policy, it’s important to read the full policy documentation before you agree to the cover.

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