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Life Insurance

What is Life Insurance?

Life Insurance is pretty simple. You pay a monthly fee, and if you die a lump sum of money (‘payout’) is left to the people you leave behind, meaning money is one less worry for them.

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Frequently asked questions

Life insurance is a policy that pays out a lump sum to your beneficiaries if you pass away during the policy term. This payout can help cover expenses such as mortgage repayments, funeral costs, or provide financial support to your dependents.

The main types include:

•Level Term Life Insurance: Provides a fixed payout if you die within a specified term. Both the premium and the payout remain constant throughout the policy.

•Decreasing Term Life Insurance: The payout decreases over time, typically aligning with a repayment mortgage’s outstanding balance.

•Whole of Life Insurance: Covers you for your entire lifetime, guaranteeing a payout upon death, provided premiums are maintained.

Premiums vary based on factors such as age, health, lifestyle, occupation, and the amount and type of coverage chosen. For example, a 30-year-old non-smoker in good health might pay around £5 per month for £100,000 of cover over 20 years.

Not always. Many policies are available without a medical exam, especially for younger applicants in good health. However, depending on the coverage amount and your health history, some insurers might request a medical assessment.

Yes, it’s possible to hold more than one policy. Individuals might do this to cover different financial obligations, such as a mortgage and income replacement.

Missing a payment could lead to your policy being canceled after a grace period, and you may lose coverage. It’s essential to contact your insurer promptly if you’re unable to make a payment to discuss possible options.

In the UK, life insurance payouts are generally free from income and capital gains tax. However, they may be subject to inheritance tax unless the policy is written in trust.

Consider factors like your outstanding mortgage, other debts, future family expenses (e.g., education costs), and your current income. This assessment will help determine the appropriate level of cover to ensure your loved ones are financially secure.

Many insurers allow adjustments to your policy, such as increasing or decreasing coverage, extending the term, or adding critical illness cover. It’s advisable to review your policy regularly, especially after significant life events, to ensure it aligns with your current needs.

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