If you have loved ones who depend on you, it’s worth thinking about taking out life insurance. It can give you the peace of mind of knowing they’ll be financially secure if the worst happens to you.
Life insurance is peace of mind. It’s a policy that lets you leave some financial security for your loved ones if you pass away. Your family would usually get a lump sum that can help to pay off any debts, like a mortgage. Or if you like, you can arrange to provide a regular income for them instead.
Everyone is unique, so we help you realise you need your policy will pay out. We’ll help you work out how much your partner and children might need, based on their living expenses as well as any outstanding debts.
Life insurance policies usually pay out a lump sum, which can be useful if you want to pay off a mortgage or other debt. But, you also have the option of paying out regular amounts over time - this can be handy if you want to leave an income for your loved ones. You make your monthly payments, and when you pass away, the people you’ve nominated (such as your family or other dependants) get the pay-out according to the plan you’ve chosen.
We'll help you decide how much life insurance cover you need. The amount you go for should be enough to cover what your family would need if you were no longer around, including any mortgage repayments.
Our advisors will help you work out how much cover you need. It’ll help you take into account all the outgoings you’d need to cover, including your mortgage, any debts, and the costs that come with raising a family.
If you take out a higher amount of cover, your monthly payments are likely to be higher. Plus, the longer your cover lasts, the more you’ll pay overall
Smoking is likely to increase your premiums
Generally speaking, the older you are, the more expensive life insurance tends to be.
Level term policies are usually more expensive than decreasing term, for example, because the pay-out stays the same for the whole lifetime of your policy, as opposed to going down over time
Life insurance comes in a few different types of cover. We are here to advise you which type will be the best fit for you and your family.
This pays out a fixed amount if you pass away during the term of your policy. Your monthly payments and the lump sum pay-out will stay the same, so your payments won’t go up with inflation, and you know exactly how much your loved ones will get.
The lump sum you get with this type of policy gets smaller over time. People tend to choose decreasing term insurance to cover their mortgage, or a loan; as you pay off the debt, the lump sum goes down too.
This type of life insurance covers you for your entire life, rather than for a fixed term, as long as you keep up your monthly payments. This means your family will get a pay-out when you pass away, whenever that may be.
We make it as simple as possible for you to find the right life insurance policy You’ll need to give us some information, so it’s worth making sure you have these details to hand before you get started:
We’ll need some details about you and your family’s health and medical history, including any pre-existing medical conditions.
You’ll also need to tell us about your lifestyle, such as your drinking habits, and whether you smoke.
The younger you are when you take out life insurance, the cheaper it tends to be. The type of work you do can also affect the price.
The chances are you’ll be eligible in most cases, even if you have a medical condition, as long as you live in the UK and you’re at least 18 years old.
The most important thing is to make sure you answer the questions honestly when you’re getting a quote, so your insurer has the full picture. This way, you know your cover will be valid.
If you write your policy in trust, the people you’ve nominated to get the pay-out from your policy can avoid having to pay inheritance tax on any money you leave them
If your circumstances change, such as when you move home or have children, this will affect the cover you need, so it’s important to keep your policy up to date
You may want to write a will to help make sure that after you pass away, your estate goes to the people you want it to go to. We can recommend a will writer to you.