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 donít cover terminal illness in the last 18 months of a plan.
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).
How Much Will Life Insurance Cost Me?
Life Insurance premiums are calculated based on your age, gender, smoker status, medical history, height/weight and the amount/type of cover that you choose.
You can request a quote from our website now by clicking here. This will give you a quote based on your age, gender, smoker status and the amount/type of cover that you choose. Medical history and height/weight will be taken into considering upon receipt of an application, please feel free to contact us for further information.