FAQ - Life Insurance

Life insurance provides for your family and other dependants when you are not around anymore. As well as paying for funeral costs, it will take care of regular outgoings such as a mortgage or rent and any debts that may need to be settled. If you have anybody that relies on your income it is wise to buy life cover. Even if you don’t have dependants, it may be best to obtain life cover whilst you are young as the premiums will often be cheaper.

The cost of life insurance varies according to circumstances, but it can start from as low as £5 per month. When deciding how much to charge, your insurance company will take a lot of factors into account so that they can determine how high a risk you present. Generally, the higher the risk, the more you will be charged. Factors that influence the cost of life insurance include your age, occupation, any existing health problems and whether you lead a healthy life style. You can help to reduce your insurance premiums considerably by giving up smoking, cutting down on drinking alcohol and losing weight if you are obese.

Term insurance is a type of life insurance that covers you for a specified period, such as 10 years or 20 years. This differs from whole life insurance which covers you for the rest of your life. There are also various types of term insurance, such as level term life insurance, decreasing term or convertible term. With level term the premiums remain the same throughout the life of the policy whereas with decreasing term the amount of benefit decreases during the life of the policy. Convertible term gives you the option of changing your level term insurance policy into a whole life insurance policy or an endowment.

If you are over 50 it is still possible to obtain affordable life insurance. We deal with a number of life insurance companies that specialise in over 50 life insurance. Additionally, some other life insurance companies have life cover that is specifically targeted to the over 50 age group.

Once we receive your details we will get back to you to discuss your requirements and inform you about the life cover options available to you. We will then let you have some quotes based on your needs.

All of your personal information will be kept strictly confidential and only used for the purposes of providing life insurance quotes from our reputable life insurance providers.

The main difference between life insurance and life assurance is that life insurance plans do not have a cash-in value, whereas life assurance plans do. A life insurance policy pays out a lump sum on death. With life assurance, however, you can accrue some value in the policy so that you can receive a lump sum if you cash the policy in, but this will not be as high as the death benefit. A life assurance plan is also designed to provide a lump sum on death, but some life assurance plans are for a fixed term so they pay out if the policy holder survives until the end of the policy term.