Life Insurance
It depends upon your individual circ*mstances, but if you have children, a partner or a spouse who depend upon your income or a mortgage on your family home then you may need life insurance
We can guide you through the process, letting you choose policies to match your individual needs, budget and circ*mstances.
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Level Term Life Insurance
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Decreasing Term Life Insurance
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Level Term Life Insurance
Decreasing Term Life Insurance
Level Term Life Insurance
If you die during the term of your policy, your family will receive a lump sum of money to help pay the bills and provide for them. The lump sum amount is chosen by you and is based on a variety of factors, such as your partner’s employment status, the number of dependents you have, your outstanding loans and your standard of living.
The policy is designed to deliver a fixed amount of cover over the term of the policy unless you choose indexation – increasing your cover in line with inflation – or you exercise your guaranteed insurability (GI) option – choosing to buy additional life insurance cover at a later date.
You can choose single cover to insure one of you, or joint cover to insure you and your partner/spouse.
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Premium Influencers
Your premiums are influenced by a number of factors including:
Age
Occupation
Smoker status
Term
Sum assured (the lump sum amount you’d like your family to receive)
Policy Type
Waiver or Premium
Indexation
Decreasing Life Insurance
The policy is designed to protect a repayment mortgage which decreases over time. Your cover reduces roughly in line with your mortgage so that if you die the mortgage can be paid off.
If you die during the term of your policy, your family will receive a lump sum of money to help pay the bills and provide for them. The lump sum amount is chosen by you and is based on a variety of factors, such as your partner’s employment status, the number of dependents you have, your outstanding loans and your standard of living.
You can choose single cover to insure one of you, or joint cover to insure you and your partner/spouse.
Contact Us
Get a Quote
Premium Influencers
Your premiums are influenced by a number of factors including:
Age
Occupation
Health
Smoker status
Term
Sum assured (the lump sum amount you’d like your family to receive)
Policy Type
Waiver of Premium
What's Included?
Terminal Illness Cover
This could pay out the full amount of cover when life expectancy is less than 12 months on plans with a term of at least two years.
Included at no extra charge for policies with a term of two years or more, terminal illness cover ensures that the life insurance policy will pay out the full amount if you are diagnosed with a terminal illness, rather than in the event of your death.
You need to be eligible to claim. For example, if you stop paying premiums, or fail to tell us about a medical condition, your policy may not pay out.
By ‘terminal’ we mean suffering from an advanced or rapidly progressing incurable illness where, in the opinion of the Chief Medical Officer of the policy provider, life expectancy is less than 12 months.
Terminal illness cover is not available during the last 12 months of the life insurance policy term and is only available on plans with a term of at least two years. Once a terminal illness claim has been accepted, the life assurance plan will end and further pay outs cannot be claimed. No premiums will be payable either and the policy will cease.
If, after a terminal illness claim has been accepted, the policyholder survives to the end of the term, they won’t be expected to pay back the terminal illness payment received. However, no further pay outs can be claimed on the policy and the policy will cease.
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Optional Extras
Waiver of premium
If you are aged under 55 and accepted on standard terms and normal rates, you will be eligible to take out a Waiver of Payment option on your life or critical illness assurance. This means that providing that your policy payments have been kept up to date until the point of claim, you won’t have to pay premiums if you suffer an illness or accident that stops you working for more than six months.
You must continue to pay your premiums for the first 26 weeks if you are incapacitated. However, your premiums are waived after 26 weeks if you are unable to work because of incapacity.
If you are not in work, then your premiums are waived if you are unable to perform three or more functional assessment tests. Premiums will continue to be waived until you either:
- Reach the end of your policy term
- Die
- Return to work or fitness, so you no longer qualify for the waiver
- Retirement
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Indexation
This is optional, but it has to be chosen at the start of your policy. Indexation protects your policy against inflation. Every year, you are given the option to increase the amount you’re insured for (up to a maximum of 10%), in line with any changes in the Retail Prices Index (RPI)* without the need for further medical evidence. Your premium will increase at a different rate to your amount of cover because it’s indexed by the change in the RPI multiplied by 1.5 up to a maximum of 15%. This takes into account the fact that the likelihood of claiming increases as you get older. If changes to the RPI are 1% or less then both your premium and amount of cover will stay the same until the next review. * The Retail Prices Index is a way of measuring the impact of inflation on family budgets and is set by the Government.
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Speak to an expert
Speak with our friendly. award-winning team to find the right solution for you and your family.
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Still Struggling?
Our short explainer video will guide you through the basics of life insurance, answering questions such as ‘What is life insurance?’, ‘Why do people have it?’, and‘How does life insurance work?’
Length 2m 42s
Play Video
Play Video
Watch Ian's Story
We prioritise people over products. Once we’ve received your details by telephone, we visit our life insurance and critical illness customers at home, making sure to answer any questions you have and completing the paperwork in person.
Our client account manager service also means that we get to know your individual needs. Whatever your circ*mstances, we can help find the right solution for both you and your family.
Length: 4m24s
Some Questions?
1. What will the government provide?
If your spouse or civil partner passes away, you may be able to claim Bereavement Support Payment. This consists of £2,500 (or if you have children, £3,500) and a further 18 monthly instalments of £100 (or if you’re eligible for Child Benefit, £350).
2. What does life insurance cover?
Life insurance is a way of offering your family financialsupport when you die. The pay-out can be used to help with a number of areas, such as clearing debts, paying off the mortgage or just covering everyday expenses. Ensuring that some money is set aside for a funeral can also be covered by your life insurance policy payout.
3. How much life insurance do I need?
Your premium will vary depending on the type of policy, the size of the sum assured and also the risk of a claim. Age is also a factor, so life insurance will generally be more expensive theolderyou are. Similarly, if a customer is in bad health, they can expect to pay a higher premium. The insurer will take into account occupation, hobbies and lifestyle – such as whether you smoke, your weight and your fitness – to help determine their premiums. Even postcodes are checked, as certain areas of the country are more likely to claim.
4. What does life insurance cost?
Your premium will vary depending on the type of policy, the size of the sum insured and also the risk of a claim – if you have a dangerous job, for example. Also, age is a factor, so life insurance will be more expensive for an older person. Similarly, if a customer is in poor health, they can expect to pay a higher premium. The insurer will take into account occupation, hobbies, lifestyle – such as whether you smoke, your weight and your fitness – to help determine their premiums. Even postcodes are checked, as certain areas of the country are more likely to claim.
5. How do I cut the cost of life insurance?
It makes sense to buy life insurance as young as possible as older people pay more for their premiums, so do it in your 20s and 30s rather than your 50s. Improving your health by losing weight and giving up smoking will also significantly reduce your premiums.
6.Are there any hidden Costs?
There are no hidden extras as premium payments include all expenses and you will pay the same throughout the term of the plan.
7.How long does my life insurance plan last?
Depending on how old you are when you take out the policy, there are various options for determining the term, or length of the plan. Level term insurance is between one and 50 years.
8.Can I include critical illness cover in my life insurance plan?
Yes. If you decide to include it in your plan, you can choose guaranteed premiums. You cannot increase the sum assured in the future, but you can take out a new policy.
9.What are the risk factors?
As life insurance is an important financial safety net, it’s essential that you answer all of the questions accurately. We’ll guide you through each step to make sure you are adequately covered, but if you fail to mention something like a medical condition, your policy may not pay out in the event of a claim.
Level Life Insurance – all life insurance plans are not investment products, they have no cash-in value at any time. Also, if you stop paying the premiums before the end of your policy, your cover will end after 30 days. Terminal illness cover is not applicable for the last 12 months of a policy term.
Our insurance company partner clearly details the circ*mstances under which the policy would not pay out, as well as other terms and conditions. It’s important to read both the appropriate Key Features document and the Policy Conditions document carefully before buying life assurance.
10. Can I get life insurance through my employer?
Some employers may offer life insurance in a ‘death-in-service benefit’. This, like regular life insurance, pays out a lump sum if you die while in employment. This is typically at a rate that’s four times your annual salary. While it can be a valuable benefit, you might need to take out additional life cover depending on certain factors such as how much you owe on your mortgage, or any financial provisions for your loved ones’ futures.
