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UK Life Insurance Information

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Like many personal finance "products" there are different names for what are essentially the same thing.

The following list refers to the most common terms for personal insurance.

Click on the links to access the guide to each subject.

Life Insurance

Critical Illness Insurance

Long Term Income Protection

Mortgage Payment Protection Insurance
AKA Accident, Sickness and Unemployment

Mortgage / Life Protection

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Life Insurance Guide

What is it?

Who should have it?

How it works

Tips on Buying Life Insurance

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What is it?

There are various kinds of life insurance. The idea behind each one is the same.

If you die during the term of the policy your dependents will get a sum of money in compensation.

This can act as a replacement for your earning power.


Who should have Life Insurance?

Life insurance is only really necessary if you have children or others who are very reliant on you.

If you're single you probably don't really need it. Why bother?

However , perhaps you're the only earning child of parents whose pension arrangements are a bit weak, and who'll need help in later life with nursing home fees. If so then it sounds like a good idea - if you can afford it.

The rule of thumb here is unless you've got dependents, or another good reason to have it, you're probably best off spending your money on yourself. Perhaps on a pension or permenant health insurance.

If you haven't got anyone who needs you to look after them then, conversely, you probably don't have anyone to look after you. So look after yourself.


How Life Insurance Works

You decide on how much you want to be insured for - the "sum insured".

You also decide how long you want to be insured for - "the term".

With most life insurance policies - "level term" - The sum insured stays the same (ie level) throughout the term.

If you die during the specified term then the sum insured is paid out.

In rare instances the insurer may dispute the payment, for example if you were taking part in a dangerous sport which was specifically excluded from the policy. You need to research this. Read the samll print and don't be afraid to "ask stupid questions".

Critical Illness insurance can be added to most policies.

Terminal Illness benefit is normally included on most policies. This usually means if there's a diagnosis of terminal illness you can get the money paid before you ide

If you survive the term and the sum insured has not become payable then - certainly with level term assurance - nothing would be paid out.


Tips on Buying Life Insurance

The older you are the more expensive life insurance gets.

To avoid getting hijacked by higher premiums as you get older you probably need level term assurance - which fixes how much you pay at the outset of the policy

The problem with this is that the amount paid out to your family decreases with inflation. However you may be able to get a policy with an inflation-proof payout scheme if you do some research).


Get a Life Insurance Quote now

There are literally hundreds of insurance brokers out there waiting to give you a quote. The problem is they vary greatly in price and quality.

The best thing is to have one recommended by word of mouth.

However if you can't find one this way, we've done some researching and have identified the one we believe offers the best value.

Go to the best quote

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