Life Insurance

Protect your family from just £6 per month*

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What is life insurance?
  • Safeguard your family and home
  • Choose from term or lifelong options
  • Get coverage up to £1,000,000

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.

Do I need life insurance?

If you have people that depend on you we think it’s essential. The real question is if you died, could the people you love:

  • Cover your mortgage?
  • Settle the bills?
  • Arrange your funeral expenses?
  • Manage everyday family living costs?

We've got you covered.

Use our 30-second form to get a Life Insurance quote.

What is the cost of Life Insurance?

In the United Kingdom, the typical expense for a life insurance policy is approximately £15.85, according to research carried out by Unbiased. The monthly premium you will be required to pay is influenced by several factors including:

  1. The desired payout amount.
  2. The duration of the policy (term).
  3. Your age.
  4. Any pre-existing medical conditions.
  5. Whether you smoke (including vaping).

Will my Life Insurance actually payout?

Most life insurance providers have high payout rates. On average 98.3%* of claims in the UK result in a successful payout. A lot of our insurers have payout rates as high as 99% – we only work with market leaders.

Are there any exclusions?

All insurance providers have their own exclusions and conditions. Our expert advisers are masters at pouring over the small print, so you don’t need to sweat this. We make sure you’ve got cover that does exactly what you want.

How long does Life Insurance take to payout?

Life insurance claims usually paid quickly after the policyholder’s passing and typically take around a month to payout if the policy is in a trust. To initiate a claim, you will need to provide your insurer with a copy of the policy holders death certificate.

What are the main categories of life insurance coverage?

Term-Based Life Insurance

Level term life insurance offers a fixed lump sum payout upon your passing. The payout amount remains constant throughout the policy, making it great for covering an interest-only mortgage, living expenses, income replacement, or leaving an inheritance.

On the other hand, decreasing term life insurance also provides a lump sum payout, but the sum’s value reduces over the policy term. This type is ideal for covering a repayment mortgage.

Both of these policies have a predetermined term. If you don’t pass away within that period, the policy ends without a payout.

Whole of life

Whole of life insurance lasts for your lifetime and guarantees a payout upon your passing. This suits individuals in later life and good health.

Family Income Benefit

A lesser-known option is family income benefit (FIB). Instead of a lump sum, FIB provides tax-free monthly income to your loved ones for the policy’s remainder after your passing. It’s helpful for replacing lost income to manage day-to-day family expenses.

It’s also worth noting, you can have multiple policy types in place if needed.

What does life insurance cover?

In general, life insurance policies provide coverage for all types of death. Whether it’s due to an accident or natural causes, a valid claim can usually be filed.

However, there might be specific timeframes that a policy must be in effect before a claim is accepted. For instance, policies covering suicide might not pay out if the death occurs within the first 12 to 24 months.

What occurs if I live beyond my life insurance policy?

Regrettably, for term-based life insurance, living beyond your policy duration won’t lead to a payout.

In the case of whole of life insurance and an over 50’s plan, the policy is designed to last a lifetime, so it’s impossible to outlive it.

If you decide to terminate these policies or halt premium payments, coverage ends, and any premiums paid up to that point will be forfeited.

Taking out multiple policies

Couples have a lot of things in common, and that can include financial commitments like bank accounts and mortgages. However, when it comes to life insurance it can make sense for each partner to have their own separate policy.

A ‘single’ life policy provides cover for that person only, and pays out the amount of cover provided under the policy if the insured dies during the policy term. By contrast, a ‘joint’ policy covers two lives, normally on what’s referred to as a ‘first death’ basis. This means that the policy pays out if during its term one of the policyholders dies. As the policy is designed to payout only once, it will come to an end.

Joint policies and divorce

It’s also important to consider what might happen if there was a joint policy in place and the relationship breaks down. There may be options available to you, such as keeping the policy as it is, splitting the policy (although many providers do not allow this) or cancelling the current policy and taking out new single life policies. However, this will all depend on individual circumstances and needs and we recommend you seek financial advice.

The right cover for both of you

Whilst one joint policy could be more affordable than two single policies, depending on personal circumstances, it makes sense to think about each partner’s life cover needs separately. With many families these days reliant on two incomes, it can make financial sense for each partner to have their own policy in place. That way, they can each tailor the amount of cover and the length of the term to their own specific needs. This can be particularly relevant if you and your partner are different ages and in different states of health.