What is Life Insurance?

Life insurance is a policy that pays out a lump sum to your dependents should you pass away during a fixed term. As this is a fixed term contract, it means it only covers a certain length of time. Policies that guarantee a pay-out are called Whole of Life cover, or life assurance, which is different from life insurance.

A Term Life insurance plan is the most basic form of life insurance and is usually the cheapest way to insure your life. The policy covers you for a specific amount of money, over a specific period term. It can be set up to cover more than one person.

Typically, if you have a joint mortgage then both people need protecting. It can also be set up so the amount of protection either reduces in line with your debt, stays level throughout the term or increases in line with your increasing need. This sort of policy quite simply pays out the specified amount should you die during the term of the policy.

With some term insurance policies you can add additional benefits, for instance critical illness cover. If you do add on critical illness cover, the plan will pay out following the diagnosis of a qualifying critical illness or if you die during the term of the policy. If you’re not sure if critical illness cover is for you, get in touch and we’ll happily help with life insurance advice.

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    Why Might You Need Life Insurance?

    When you die, your estate along with all your debt is typically inherited by the loved ones you leave behind. This can depend on whether you choose to leave a will laying out where you would like your money and assets to go.

    A simple life insurance plan can be set up to repay that debt making sure your loved ones are protected. A life insurance policy protects your family should they not be able to afford to keep paying your mortgage or other debt.

    Who is Life Insurance For?

    Life insurance can be used to repay any debts, but many people choose to cover mortgage debt. You may also choose to leave a lump sum behind for anyone who is financially dependant on you such as a young child or spouse. Life insurance can be written in trust, normally free of charge to make sure the people you want to benefit can benefit quickly and when they need it most.

    Are you ready to find the right policy for you? Or do you simply have a few questions? Book a free consultation today for life insurance advice. Our team of independent advisers will be on-hand to make sure you get the right policy for your circumstances.



    These plans have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.

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