Frequently Asked Questions for Life Insurance

What is Life Insurance?

Life Insurance (also known as Life Assurance, Term Insurance, term assurance) is a simple way to protect your family financially in the event of your death. If you die during the term of the policy or suffer from a terminal illness1 then the policy will pay out a lump sum of money to your family or nominated beneficiaries.

1A terminal illness is usually classed as having less than 12 months to live. This may differ between providers. Most providers don't cover terminal illness in the last 18 months of a plan.

What is the age restriction on Life Insurance?

After years of waiting, it finally came into effect in the early part of June 2007.
The FSA rule restricting the sale of term assurance past the age of age 70 has been scrapped. This is great news for both Cura Financial Services Ltd and it's customers across the UK.

For further reading on Over 50's, Over 60's and Over 70's Life Insurance, please read the following articles from Top Quote Online.

Over 50 Life Insurance and Over 60 Life Insurance
Over 70 Life Insurance - Over 70s Rule Scrapped by FSA

How Much Life Insurance do I Need?

You can decide how much Life Cover you require, or you can contact one of our experienced advisors on 0808 178 2777. Many people take out Life Insurance to cover debts and liabilities, for example mortgages. It is also common to take out insurance to cover your family's finances, for example four times your annual salary would mean that your family could continue their standard of living for four years.

For example: A married man with two dependant children, a repayment mortgage of 100,000 and an annual salary 24,000 may consider taking out the following:

  • A Mortgage Life Insurance policy for 100,000 (which will decrease over the term of the mortgage).
  • A Level Term Life Insurance policy for 96,000 (equal to 4 x Salary, this benefit will not decrease).