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Life Insurance keyboard_arrow_right Frequently Asked Questions

Life Insurance FAQs

Some of the more common queries we get asked regarding our Life Insurance.

What is Life Insurance?

Life insurance is a way of making sure your dependents have some financial support if you pass away. It is a type of insurance policy that pays a benefit amount to your loved ones if you die.

The benefit amount your family receive can be used to pay off outstanding debts like your mortgage in full, keep up with utilities and living costs or it can be used to help cover costs associated with your funeral or other end-of-life expenses.

Taking out life insurance is a small step that could make a big difference to the ones you love most.

How does Life Insurance work?

You agree on how much cover you would like, how long you want it to last and who will receive the benefit amount. As long as you keep up with your monthly premiums, the policy will pay out to your chosen beneficiaries when you die. They will receive a lump sum payment to use as they see fit. If you choose a level term policy, your rate of monthly premiums will remain fixed for the duration of your policy. Likewise, if you take out an Over 50s policy, you can expect to pay a fixed rate of premiums. If you choose a decreasing term policy like Mortgage Protection Cover, your payments and benefit amount reduce over time in line with your outstanding mortgage payments. If you choose Life Insurance with Critical Illness, your policy will also payout if you can no longer provide for your loved ones due to serious illness or injury.

How much does life insurance cost?

There is no one-size-fits-all answer to this question. The cost of your policy will depend on:

  •  Policy type i.e. Life Insurance, Over 50s Life Insurance, Mortgage Protection Insurance
  • Your benefit amount i.e. how much cover you need
  •  Policy term i.e. how long you want the cover to last
  • Age
  • Health and medical history (including your family’s medical history)
  • Lifestyle i.e. drinking, smoking
  • Personal circumstances
  • If you choose add-ons such as critical illness cover.

During the life insurance application process, insurers ask questions based on these factors to determine the cost of your monthly premiums. Since providers offer different deals, it’s a good idea to compare to find the right cover, at the right price. Comparing quotes is a hassle-free process with Quote Selector. We can help you find the best deals from the UK’s leading insurers in minutes.

Who needs life insurance?

If you believe your family may face financial hardship without your contribution to the household, then it’s worthwhile considering life insurance. Life insurance can offer financial security for you and your family. Losing a loved one is tough enough without the added burden of financial stress. By taking out a life insurance policy, you can make things easier for your loved ones during a difficult time.

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Life and Critical Illness

Securing life insurance with critical illness protection means you're protected should you end up seriously ill or injured. Your family are also financially protected in the event of your death.

Mortgage Life

Help protect your loved ones from outstanding mortgage repayments should you pass away unexpectedly. The payout for this type of insurance can be used to pay off your mortgage.

Over 50’s Insurance

Over 50s Life Insurance is guaranteed for UK residents aged 50-80. It can be used to help your loved ones with costs associated with end of life expenses and funeral costs.