Life Insurance is an insurance policy that pays money as a lump sum or as regular payments to your dependants in the event of your death. It is aiming to calm your worries that your loved ones will not be able to take care of themselves, your funeral or any kind of outstanding debt - be it yours or theirs, when you are gone. The amount of money that will be paid out depends on the monthly premium you pay and the type of insurance policy. There are two main types of Life Insurance – Term and Whole-of-life insurance. There is opportunity to combine different types of Life Insurances to create your own custom life insurance that will serve your needs. It is noteworthy that there are certain Life Insurance types that do not depend exclusively on the event of you dying to pay out. Our Insurance experts will be able to provide you with current information about the prices of the different insurances and will guide you through the different options of taking out a Life Insurance.
Life Insurance is for when you want to provide financial stability to people you care about or want to make a difference in the world. Money is one of the main aspects of life and is a necessity that you can't bring with you to the grave. If the people and causes you care about will be in financial distress after you are no longer around to provide for them you should definitely consider getting a quote for Life Insurance.
When calculating how much money you need to insure yourself for, you would have to take into consideration a few main points. To acquire the final sum of your insurance add together your debt, your final expenses, your current income multiplied by the amount of years you think your loved ones will need it for, your mortgage and your education costs and subtract any assets of yours that could be easily turned into real money.
You simply fill out a quick form and tell us what kind of insurance you are looking for. We are comparing the leading UK insurers and sort out their best offer. Within minutes one of our insurance experts contacts you and provides you with the requested quote. They are always happy to help and are there to provide answers to your questions and guide you towards the insurance that suits you the best.
There are generally two life insurance types – whole life and term life insurance. Depending on the purpose of the insurance you can decide which type you need exactly and for how much time. Some people want to be insured for the remainder of their life others need this kind of insurance for a certain period of time during which they are unsure if they will be able to meet their and their family's needs.
Your life insurance should allow you to get rid of any debts that would be carried over to your family so take them into account. Of course, it is your own choice how your family is to deal with your body after you pass away but your life insurance should be able to cover your funeral costs. Ask yourself how much time would my family would need to be able to start providing for themselves without additional assistance – it could be until your children come of age to provide for the family or until your spouse is able to retire. Add your mortgage to what you have so far and consider any education taxes your children might have to pay for a proper college. If you currently have any savings or assets that you are sure can become real money and your family wouldn't need, subtract their value out of the previously calculated sum. These are the most commonly used factors that people use to determine the amount they insure themselves for. Following are some of the most popular insurance types that you can chose from.
Over 50s policy is a whole of life insurance designed for people aged 50 to 80 and is designed to leave a tax free lump sum for your loved ones in the event that you pass away. There are no constraints to the purpose of the money received as they can be used as a way to pay funeral costs, bills, debt or just as a legacy for your family. Over 50s policy doesn't require medical exams and you are guaranteed to be accepted. Depending on your decision on how much to pay per month the provider will provide you with information on how much to expect as a pay-out. This is a great insurance for elderly people as it is money flexible, requires no medical check and provides assurance that you can take care of payments at an age when actively making money is challenging.
Term Life Insurance is a simple and cheap type of life insurance that is active for a certain time period or until you reach a certain age. In the event that you pass away during the term of the insurance it will pay out the face amount of the policy but it will pay nothing if you outlive the insurance term. This type of insurance cost increases substantially with the age of the insured, unlike the whole life insurance. Term life insurance is commonly used as a cover for the duration of a bank loan or for liabilities after death such as estate taxes.
Whole Life Insurance is a life insurance policy that covers you until you die, until you stop paying the monthly premiums or until you cash it out. The insurance policy will act as a kind of savings account since it will accumulate cash value (also known as cash surrender value) that you can collect even before the day you pass away. The monthly payments for the insurance are constant for the whole duration of the insurance (unlike the term life insurance) and will pay a fixed amount of money in the event of your death. The insurance policy's accumulated cash value can be used as an asset when applying for a policy loan. You can find whole life insurance policy named whole-of-life insurance policy, permanent life insurance, ordinary life insurance, or straight life insurance.
Income protection insurance is an insurance policy that makes sure that even if you would lose your income due to accident, illness or unemployment you would be able to meet you monthly needs. It could provide a monthly payout free of taxes until you can get work again or retire. These insurance policies are aiming to help pay the bills if you would be left unemployed, so that you can maintain the standard of living that you have acquired. By paying a premium on a monthly basis you insure yourself that you will be able to afford monthly mortgage, rent, loan or credit card repayments, utility bills and any other monthly payments in the event that you are left without a job.
Critical Illness policy is an insurance policy that is an upgraded life insurance policy and covers the risk of developing critical illness. In the event of cancer, hearth attack, stroke and others the insured receives a free of taxes lump sum that doesn't have a constraint to its purpose. It can be used to pay for healthcare or treatment but it can be used for maintaining a family's standard of living.
You and your partner life insurance is an insurance policy that allows one policy to cover both you and your spouse. This kind of an insurance policy is generally cheaper than two separate policies and will lapse and pay out when one of the two insured people passes away. In the event of the “first to die” passing the remaining person will receive a single payment or monthly payments according to the insurance contract. This insurance plan has become more and more needed with families depending more and more on both the spouses income to provide a certain standard of life. Also knows as joint life insurance this kind of insurance policy allows a family to feel financially safe.
Decreasing Life Insurance policy is one that pays out less the longer it doesn't come into effect. It is usually used when repaying a loan or mortgage. The insurance would be tailored to cover the amount you are left to repay. It is commonly used for term life insurance and is generally cheaper then Level Life Insurance. Level Life Insurance policy is one that pays out the same amount and doesn't depend on time. It is usually used with whole-of-life insurances but can be used in term ones as well. Will pay out better in time then term life insurance but is more expensive.
Guaranteed premium is one that stays the same for the whole duration of the Life Insurance. It could be higher than the average at the beginning of the Life Insurance but fall significantly in price towards the end of the term relativelly to the reviewable premium. Reviewable premium could be very low at the beginning but increase significantly towards the end of the term with the aging of the insured. When getting a reviewable premium Life Insurance you should definitely consider the premium plan and determine if you will be better off with a guaranteed premium than a reviewable.