Frequently Asked Questions
Let us answer your questions to put your mind at rest...
As a company, we help thousands of people find the right financial product every single week. As a life insurance broker we are perfectly placed to find you the best price available - but most importantly we find you the right insurance policy for your needs. Read below to find our more about our service...
Why should I take out life insurance?
Life insurance is designed to be there to help your loved ones should the very worst thing happen. This is probably the most common reason people come to us for life insurance - as they want to know that their family will be ok should the unthinkable happen.
Mortgage protection is another reason people take out life cover. This pays out to repay your mortgage in the event of your death, ensuring your loved ones don't have to worry about losing their house.
Put simply, should you die within the period of insurance a lump sum will be paid to your family or beneficiaries.
How much life cover do I need?
The size of the policy you require really does depend on your personal circumstances and what you want the cover for. For example, if you want to cover your mortgage you should take in to account the size of your remaining mortgage when chosing your cover amount. If you are taking cover to leave an amount to your loved ones or to cover funeral costs then the amount you take will depend on how much you want to leave them and how much you are willing to pay for the cover.
Our insurance team can talk you through the options to make sure you are getting the correct amount of cover for your needs.
How long should I be insured for?
The 'term' of your cover refers to the number of years that the insurance policy will run for and for which you will be insured. Typically you can choose a term between 5 and 40 years and take a policy out from the age of 17 years old anywhere up to the age of 90.
The length or "term" of your life cover refers to the number of years that your life insurance policy will run for. If you die within this period of time the insurance will pay out. Typically you can select an insurance term between 5 and 40 years and you can take our a policy from the age of 17 right up until the age of 90.
What is decreasing term life insurance?
A decreasing term policy is one where the amount of money that is paid in the event of your death decreases during the term of the policy. This is typically used to cover a repayment mortgage and the amount of cover will decrease at the same pace as your mortgage is repaid. Of all of our policies this is generally the cheapest as the size of the insurance payout gets lower with time.
What is Level Term Assurance?
A level term assurance policy is one where the amount the insurance will payout in the event of your death stays at the save "level" throughtout the term of your policy. This type of policy is ofton used if you have an interest only mortgage that you wish to cover or if you wish to leave your family a lump sum following your death.
What is critical illness cover?
Critical illness cover is designed to pay out a sum of money should you be diagnosed with an illness covered by your policy during the insurance term. Critical cover is like a security blanket to cover you should your financial security be impacted by an illness. For example, if you were unable to work critical illness could be used to cover your mortgage and other bills until you get back on your feet.
What is Whole of Life Insurance?
Whole of life insurance is a policy that will cover the policyholder for the remainder of their life. There is no set term to a whole of life policy and as long as policy payments are kept up to date then the policy will pay out in the event of the insured persons death, no matter when it happens.
So, which type of cover do I need?
When looking at life insurance the options can seem alien and making the choice and be somewhat daunting. Getting the right cover is vital if you want to be covered properly. Hopefully the above explantions of the different cover types will help you. If you are finding it difficult to decide why not apply for a quote or give us a call - our team will be happy to take you through the options.
How does our quotation process work?
Getting a quote with life-cover.com is simple. Simply enter a few details in our short form and one of our experts will call you straight back. The expert who calls will guide you through the process and will present you with all the facts and prices thet you need to make an informed decision. Our service is strictly no obligation, you decide which policy, if any is right for you. Our expert will be your signle point of contact and will handle your life cover quote from start to finish.