Life Insurance
Protect the ones you love and give yourself peace of mind.
According to reports, only 7% of UK families feel they have adequate financial protection
Give your loved ones protection from major financial commitments in the event of your death
Ask a question for FREE about Life Insurance
What is Life Insurance?
- Life insurance protects your loved ones by providing a lump sum to live on after you die. Losing a loved one is a sad and emotional time, but when the person who dies was responsible for paying the mortgage and bills; this has a huge impact on the immediate family.
- A report carried out by Aviva showed that 93% of UK families feel inadequately protected when it comes to their finances. 61% lacking even basic life insurance.
- Life insurance is a practical step you can take to protect your family from future financial suffering.
How it works
Life Insurance is taken out by an individual who pays a monthly or yearly premium, usually for the rest of their life. The insurance company will then pay out a lump sum plus any bonuses that may have been accrued.
Life insurance policies can vary in their flexibility and how the premiums paid are invested. For example, some will allow the insured person the change the amount of premium they pay in accordance with their personal circumstances, some policies can be fully paid up within 25 years and some will pay out bonuses along with a lump sum.
Getting the right cover
Taking guidance when choosing the right life insurance policy is important; choosing the wrong policy for your circumstances or failing to disclose information could mean you are paying more than you need to, or you could invalidate the entire policy. By speaking to a qualified financial adviser about your life insurance requirements, you can ensure you are providing for your loved ones in the most beneficial way.
Level Term Insurance
Level Term Life Insurance refers to an insurance policy taken out over a term, usually between 10 and 40 years, whereby a lump sum is paid out should you die within that term. If the term should mature before you die and the policy is not renewed, then no pay out will be made. With this type of policy the amount you pay and the amount you are covered for usually stays the same – hence 'level' term.
Critical Illness
Critical illness cover pays out a lump sum should you become diagnosed with a specific serious illness or become disabled. If you have family or a partner relying on you to provide financial support then critical illness cover is a sensible precaution. Similarly, if you are single and have no dependents, critical illness cover can provide you with a lump sum to ensure fewer bills to pay and a financial boost when you are very unwell.
Policies generally cover seven core conditions; cancer, coronary artery bypass, heart attack, kidney failure, major organ transplant, multiple sclerosis and stroke as well as forms of permanent disability.
With critical illness cover it is important to be open and honest about your medical background as insurers will check your family's medical history as well as your own before calculating the level of premium you need to pay. Withholding information in an attempt to decrease your premium will jeopardise your claim being paid as insurers will recheck your details and history and should your claim relate to something you neglected to inform them of, they have the right to refuse pay out and you lose all your paid up premiums.
Speaking to an adviser about critical illness cover is advisable as they will be able to inform you of the best policy for you.
