5 Year 1.89% fixed
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Life Insurance
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- What is Life Insurance?
- Do I actually need Life Insurance ?
- What kinds of cover are available?
- Do I really need another outgoing in the current climate?
- Which cover is suitable for me?
- Why use quote-supermarket?
What is Life Insurance ?
Life Assurance pays a cash lump sum to your loved ones if you die, or become terminally ill. If you have a family or a partner who are financially dependent on you, or if you have liabilities such as a mortgage or loan then you should consider Cheap Life Insurance.
The cover is often referred to as Life Assurance, Term Life Insurance, Term Life Assurance or Mortgage Life Insurance. While it comes under many names, the essence of the policy is the same, i.e. you pay a monthly premium and in the unfortunate event of your death, a tax free sum of money is paid to your family or nominated beneficiaries.
There are 2 main types of Life Assurance:
1. Level Term:
With Level Life Cover, the sum assured is guaranteed and remains unchanged throughout the term of the policy. It is often used to cover interest only mortgages and loans or for family protection.
2. Decreasing/Mortgage:
With Mortgage Life Cover, the sum assured decreases throughout the term of the policy. It is often used to protect capital and interest repayments on a mortgage or loan.
Do I actually need Life Insurance ?
The idea behind protecting yourself with Life Insurance is that if the worst was to happen to you, your family would be not be left with the burden of having to repay mortgages or other debts which, with the loss of the families main earner, could prove very difficult and financially devastating.
A lot of people think that when a person dies their debts pass away with them. Unfortunately this is simply not the case and outstanding liabilities will pass to surviving partners or children. The main advantage of having a Life cover policy is that these liabilities can be covered allowing your family to pay off these debts and have one less major thing to worry about at a time when they are mourning your loss.
Even if you do not have a mortgage or other liabilities, assurance can be an important tool to ensure your families financial future and to make sure your children have the upbringing that you intended for them. Leaving a sum of money for your family can be achieved in a number of ways using either traditional life policy or using a Family Income Benefit scheme which will pay out a monthly amount for a number of years, instead of paying out a lump sum.
Whatever your circumstances and whichever way you choose to look at your families financial security, your Life Assurance could mean the difference between the future you envisaged for your family and financial catastrophe and hardship.
What kinds of cover are available?
In addition to the standard life insurance which pays out only upon death, we also offer CRITICAL ILLNESS COVER
•What is Critical Illness Insurance?
Critical Illness Insurance (also known as critical illness cover) is a policy that pays out a tax free lump sum of money upon diagnosis of a specified critical illness. Unlike life cover, Critical Illness Insurance pays out to yourself. It is more expensive than life cover, however you are far more likely to suffer a critical illness policy than to die.
Many companies also offer free children's critical illness cover in their policies, to read more about this please read the next section.
• What is Children's Critical Illness Cover?
Free Children's Critical Illness Cover is now included with many Critical Illness Plans in the UK. This means that when you take out the cover, a number of your children or potential children are also covered under the policy. Each company's definitions of child cover differs, one example of the cover is from Friends Provident who offer 50% of your total cover or £20,000 (whichever is lower) for each child, with a maximum of 3 children.
It is important to remember that any claims made on the children's cover is not subtracted from your cover and does not mean that your cover needs to stop.
• How Much Critical Illness Insurance do I Need?
You can decide how much Critical Illness Insurance you require, or you can contact one of our experienced advisors. It's common for people to cover mortgage's and debts with Critical Illness Insurance, however this is not always possible due to cost.
We recommend that if it's too expensive to cover the full amount of your mortgage/loan then you should consider covering a proportion of the liability or around 2-3 times your annual salary. This way at least you know that you have some additional income which can be used for mortgage payments, bills, specialist medical care or to make adaptations to you home if required.
• How Much Will Critical Illness Insurance Cost Me?
Critical Illness Insurance premiums are calculated based on a number of factors including your gender, age, smoker status, medical history, height/weight and the amount/type of cover that you choose.
You can request a quote from our website now by visiting our Online Critical Illness Quote Page, which will give you an initial online quote. Medical background will be taken into considering upon receipt of an application.
Do I really need another outgoing in the current climate?
The idea behind protecting yourself with Life Insurance is that if the worst was to happen to you, your family would be not be left with the burden of having to repay mortgages or other debts which, with the loss of the families main earner, could prove very difficult and financially devastating.
A lot of people think that when a person dies their debts pass away with them. Unfortunately this is simply not the case and outstanding liabilities will pass to surviving partners or children. The main advantage of having a Life cover policy is that these liabilities can be covered allowing your family to pay off these debts and have one less major thing to worry about at a time when they are mourning your loss.
Even if you do not have a mortgage or other liabilities, assurance can be an important tool to ensure your families financial future and to make sure your children have the upbringing that you intended for them. Leaving a sum of money for your family can be achieved in a number of ways using either traditional life policy or using a Family Income Benefit scheme which will pay out a monthly amount for a number of years, instead of paying out a lump sum.
Whatever your circumstances and whichever way you choose to look at your families financial security, your Life Assurance could mean the difference between the future you envisaged for your family and financial catastrophe and hardship.
Which cover is suitable for me?
As with everything in life, this depends on a variety of factors including cost.
Take into account your age, how long you wish the policy to last for and the amount of cover required.
Critical Illness could well be a worthwhile addition to you taking into account any future illnesses you could encounter
Why use quote-supermarket?
We pride ourselves on having the providers and the knowledge required to offer you the most competitive rates on the market. Put us to the test and compare us with any like for like quote offered elsewhere and we aim to beat all genuine quotes.
