Frequently Asked Questions

Why should I consider life insurance?

No-one wants to think about their own death, let alone plan for it. However if you have a life insurance policy, should the worst happen, your family can be provided for financially.

Should existing life insurance policyholders shop around?

It's possible that those with existing life insurance policies could benefit by comparing and switching (a process known as re-broking), but they need to remember that age plays a major factor in calculating premiums. As you're less of a risk when you're younger, the older you are the higher your premiums. If you have pre-existing medical conditions you may struggle to find a deal as good as the one with your current provider.

Can I hold multiple life insurance policies?

It's possible to hold multiple life insurance policies and in some cases this might be worth considering. If, for example, you have an existing policy but you find you need more cover, you may find that the most efficient way to arrange this is by taking out an additional policy.

Is life assurance the same as life insurance?

Technically no, but the two terms are often used to mean the same thing. Strictly speaking, life insurance pays out if something happens to you, whereas life assurance pays out when it does.

What's term life insurance?

Term cover is the most common form of life insurance and provides a lump sum payout if you die in the course of the policy.

What's whole of life insurance?

Whole of life cover is guaranteed to pay out when you die, meaning that it can be called life assurance. Because of the guarantee, it's more expensive than term cover.

What's over-50s lifelong protection?

Over-50s lifelong protection - often referred to as 'over-50s life insurance' - is a specific form of whole of life insurance that offers guaranteed acceptance without the need for a medical check for those aged 50-80.

Is an over-50s policy the only option for older people?

No, an over-50s lifelong protection policy needs careful consideration as it won't be suitable for everyone; read about a wider range of options in our guide to life insurance for older people.

What's mortgage life insurance?

Mortgage life insurance is not, strictly speaking, different to a standard life insurance policy; it's simply a policy that's tailored specifically to clear any remaining mortgage debt after the policyholder's death.

What's convertible term insurance?

This is a term insurance policy that can be changed to a whole of life or endowment policy at the end of the term without having to provide further medical evidence.

What's decreasing term insurance?

This is a form of term insurance where the cover amount decreases over time, often in line with a repayment mortgage.

What's level term insurance?

This is a form of term insurance where the cover amount is fixed for the policy duration.

What's critical illness cover?

Critical illness cover pays out if you're diagnosed with a condition specifically listed in your policy. It can be combined with life insurance in an integrated policy, or bought as a stand-alone product (an independent policy).

What's terminal illness cover?

Terminal illness cover can pay out if the insured person is diagnosed with a terminal illness. Many life insurance policies offer such cover as a standard feature, but you should check your terms and conditions.

Do I also need income protection?

This is dependent on your circumstances, but the right income protection (IP) policy can be valuable as a stand-alone product or as an addition to life insurance/critical illness cover. Some IP policies include an element of death cover.

How much cover do I need?

This will depend on your circumstances and what you want cover for. We have a life insurance calculator to help you and a guide to calculating how much life cover you need, but would always suggest you seek advice if you're unsure about such an important product - our partner Assured Futures can give you fee-free, impartial advice. Request a call back through our main life insurance landing page, or phone.

How much will I have to pay?

The amount to be paid will vary according to different providers and products, but the typical factors considered by life insurers are: Sum assured; Length of policy term; Cover and options bought.
They will also consider person-specific factors such as: Age; Height and weight; Medical history; Family medical history; Relationship status; Children; Occupation; Lifestyle choices e.g. intake of alcohol and tobacco.