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We will search the market to help you find the best life insurance policy for your situation.

There are different types of life insurance coverage available – see the list provided below.

Type of life Insurance

Life Insurance Features

Critical Illness Insurance

Provides financial peace of mind that a lump sum will be paid out to the policyholder in the event of diagnosis of a specified critical illness condition. Critical illness insurance can often be taken out in a combined policy with life insurance, which can save costs.

Family Income Benefit Insurance

 Provides an income for a specified term in the event of the death of the life assured. This type of cover is low-cost and useful if there are dependents to look after.

Key Person Insurance

Key person insurance provides financial cover to businesses in the event that a member of staff dies unexpectedly or is unable to work due to serious illness or disability. The loss of such an individual can have significant financial consequences on a business. Cover would also normally cover the key person’s income and benefits, which the business would still be liable to cover.

Life Insurance

 Provides a financial payout (sum assured) to a designated beneficiary in the event of the death of the life assured. The premium paid is determined by factors such as gender, age when the policy is taken out, health and lifestyle factors and the policy’s term. Policies can be on a single or joint life basis, and cover can come in different forms, e.g., a family income benefit will pay an income to designated beneficiaries for a set term on the death of the life assured, while a term assurance plan will pay a capital sum (known as the sum assured and specified at outset) on the death of the life assured (s).

Mortgage Insurance

Mortgage insurance can take two forms. Mortgage life insurance provides financial protection in the event of the mortgage holder (s) ‘s death, ensuring that any mortgage liability on a property is met. Mortgage payment protection insurance provides protection to mortgage repayments in the event that the mortgage holder is unable to work due to sickness, injury, or unemployment. The cover will normally last for no more than 12 months.

Payment Protection Insurance

Protects in the event of sickness, accident or, unemployment or death to the policyholder and is normally taken out in conjunction with a credit agreement when obtaining a loan or credit card. PPI, as it is often called, normally covers debt repayments for a period of 12 months, after which time the onus falls back on the policyholder to cover the repayments. Recently, this type of cover has been criticised, with banks being ordered to repay missold PPI back to customers.

Terminal Illness Insurance

This type of cover is often combined with life insurance policies and provides financial protection in the event of a diagnosis of a terminal illness in which you are not expected to live beyond a set period, e.g., 12 months.

Travel Insurance

Travel insurance provides financial protection, and coverage can range from basic to comprehensive. It will often provide accidental death cover when you are travelling.

As with many things in life the more time you put into something the more you will get out and with buying life insurance spending some time understanding what to look out for can save you both time and money in the long run and should ensure that you end up with the right cover.

Things to consider:

  • Check what existing life insurance you have – Depending on the life cover required you may find that you have life insurance taken out by your employer as part of your benefits package; Some types of life insurance are often sold as an add on to other types of financial service such as banking services. Once you have done this check what you are covered for and what you are not. People don’t often know what exclusions apply until a claim is made.
  • Using a Comparison website – Online comparison websites provide a useful and easy way of getting insurance quotes. However for life insurance in our view it makes sense to talk to a specialist life insurance broker to ensure you get the right cover. This is more crucial if you have pre existing medical conditions or you want to place cover in trust.  You should also note that some insurance companies do not appear on comparison websites e.g. Aviva Life Insurance
  • Using a Life Insurance broker – If you are not sure what cover you need or want somebody to help you through the process there are many life insurance brokers who will be happy to help. A good life insurance broker will not help you in buying insurance but also provide support in the event that you need to make a claim. We use FCA regulated life insurance brokers to help people find the best life insurance deals. If you intend to use a broker you can check their FCA registration on the FCA website.
  • Providing correct information – In assessing the insurance risk an insurance company will rely on the information that you give as being accurate. Information provided will determine whether insurance is provided and the cost of premiums. It is therefore important that any information you provide is correct e.g. for life insurance factors such as whether you smoke or participate in dangerous sports can have a material impact on the premium you are required to pay. Non disclosure of such information at the time of application can result in a non payout in the event of a claim. If you are using an insurance broker this is where valuable advice can be provided.
  • Cheapest is not always best – With life insurance you generally get what you pay for so before you sign up e.g. reviewable life insurance policies where the premium is subject to a review after say 5 years will be cheaper than guaranteed life insurance policies where the premium will not change through the term.
  • Changing your mind – You have the right to change your mind within a set period normally 14 days from purchase of the life insurance policy and have your premium returned.