Single or joint policy?
You may need a joint, or a single policy. Not sure what you need?...we can advise, and usually if it's a joint application, we would recommend individual policies.
Do you know what cover you need?
Life cover, income protection, critical illness cover, family income benefit and more - there's so much choice. If you know what cover you need, great; if not, we're here to help and advise.
How much cover do you need?
The amount you need depends on a number of factors such as your mortgage balance, any debts and a lump sum you may want to leave after these are factored in. Don’t worry – if you’re not sure we can advise you.
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Life insurance protects your loved ones with a lump sum payout, ensuring that they don’t suffer financially if you’re not around anymore. A policy is usually bought to cover the period (or term) that your family most need help i.e. during a mortgage term, or when your children are financially dependent on you.
It all depends on a few things; your health, your age, your smoker status, the amount of cover you're after and maybe even your hobbies. Read more about the average cost of life insurance here.
A term life insurance policy runs for a set period of time, making them cost-effective. Whole-of-life policies, on the other hand, payout whenever you die. Because they can last way into old age, they can be expensive.
Although a life insurance payout is often talked about as a tax-free lump sum, this is true up to a point. If your estate is valued above £325,000 (or £650,000 if you’re married) or the life insurance payout pushes your estate value over the threshold, you might be hit with inheritance tax. Read more about life insurance and tax here.
Life insurance covers common causes of death such as illness, disease, cancer, heart attacks or accidents. Depending on your cover, it may also cover a terminal illness diagnosis and suicide. Common exclusions are pre-agreed medical conditions, chronic illnesses, disabilities, drug and alcohol abuse and high-risk activities.
You’re unlikely to be entitled to any refund of the premiums you’ve already paid if you cancel your life insurance. You also won’t get your money back if your term ends and you or your beneficiaries haven’t been able to make a claim; in the same way car insurance won’t pay out if you don’t have an accident, or pet insurance doesn’t pay if your pet stays well.
Terms & Conditions
LifeSearch compare quotes from all major UK insurers. Advice offered is free and all quotes given are without obligation. LifeSearch Limited is an Appointed Representative of LifeSearch Partners Limited, who are authorised and regulated by the Financial Conduct Authority. Calls may be monitored/recorded.
*Prices where indicated in adverts are based on the below criteria, as of 08/06/2023. Prices quoted may vary depending on your own individual circumstances including age, medical history, the sum assured, length of policy - and other variables.
Life Insurance from £5 per month:
25 year old female client- non-smoker- level term assurance £100,000 over a 25 year term - £5.34 pm
Family Income Benefit from £5 per month:
30 year old Male client- non-smoker- looking at £500 to be paid each month over a 18 year term - £5.50 pm
Critical Illness Cover from £10 per month:
25 year old male client- non-smoker- level term critical illness £25,000 over a 25 year term- £8.35 pm
Mortgage Protection Insurance from £5 per month:
30 year old female client – non-smoker- decreasing £100,000 over a 25 year term- £5.48 pm
Income Protection Insurance from £10 per month:
35 year old male client- non-smoker- admin assistant- 3 month deferment period- £1,000 to be paid out each month for a maximum of two years per individual claim- covering him up to the age of 65- £10.12 pm
Over 50s Insurance from £20 per month:
50 year old male client- non-smoker- over 50’s plan to pay out £5,511 for £20pm
65 year old male client- non-smoker- over 50’s plan to pay out £3,278 for £20pm