Quotes from leading life insurers

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Life Insurance

What is Life insurance?

Life insurance is a safety net for your loved ones in case something happens to you. It provides financial support to cover expenses like mortgages, rent, bills, and living costs. Think of it as a shield against life's unexpected challenges.

There are different types of life insurance, such as
mortgage life insurance, family life insurance, over 50s life insurance. Additionally, there are products like income protection, which ensures your income if you can't work due to illness or injury, and critical illness cover, which provides a lump sum if you're diagnosed with a serious illness.

Life Insurance

Do I need Life Insurance?

If you're young, renting, and without children, you may want to consider income protection insurance or critical illness cover instead of life insurance to protect yourself in case of illness or inability to work.

However, if you have a family that depends on your income, life insurance could be an important consideration. Here are some questions to help you determine if you need life insurance: What would happen to your family if they lost your income? What financial adjustments would they need to make? Do you have savings or other assets that could support your family in your absence?

Not everyone requires life insurance, so it's a good idea to have a free, no obligation chat with one of our partners who can help you assess your individual situation and determine what's best for you.

How Much Is Life Insurance?

Factors that affect the cost of your life insurance policy include

Age

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Health

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Smoker Status

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Policy Duration

How long you want the cover to last

Payout total

How much you want the policy to pay out

Policy Holders

Whether it's a single or a joint policy

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Life Insurance

How much life insurance cover do I need?

Determining the appropriate amount of life insurance coverage is a personal decision that varies for everyone. To calculate the right level of coverage for you, consider factors such as your outstanding debts, current and future family commitments, and your budget for monthly premiums. By taking these aspects into account, you can tailor your life insurance policy to best suit your needs and provide adequate protection for your loved ones.
Possible to add a calculator feature? With link to quotes Adding up outstanding debts minus savings.

Types of Life Insurance Cover

Mortgage Protection Life Insurance

Mortgage protection insurance, also called mortgage life insurance, steps in to cover any outstanding balance on your mortgage if you pass away before it's fully paid off. This ensures that your loved ones won't be burdened with the mortgage debt, and if the property is your family home, they won't have to sell it due to financial strain. Usually purchased alongside your mortgage, mortgage protection insurance lasts for the duration of your mortgage term. The coverage amount decreases over time in line with your remaining balance, typically decreasing by around 6-8% each year. This type of insurance provides peace of mind by safeguarding your family from the financial implications of an unpaid mortgage in the event of your death.

Over 50s Life Insurance

Over 50s life insurance is a product specifically designed for individuals aged 50 and older, typically up to around 85 years old (though this can vary depending on the insurer). This type of insurance is guaranteed to pay out and is commonly used to cover funeral expenses, leave a gift for loved ones, or support a charity. If you're seeking a convenient and straightforward way to purchase life insurance, an over 50s product may be suitable for you. These policies can often be bought online within minutes, as they require minimal health information compared to traditional life insurance policies. It's important to consider that with over 50s life insurance, you may pay higher premiums for a lower amount of coverage. This is because the insurer assumes more risk by not assessing your health history, resulting in increased costs to offset this risk.

Family Income Benefit

Family income benefit is a type of term life insurance tailored for parents and families. In the event of your death or terminal illness, this policy provides regular monthly payments to your family. The aim is to replace your lost income by offering a tax-free income stream until a specific end date. For instance, if you have a 20-year term policy and a claim is filed 10 years into it, the pay-outs will continue for the remaining 10 years. If a claim is made 15 years into the policy, the pay-outs would only last for the following five years. You have the flexibility to choose the coverage amount for your income, but keep in mind that higher monthly pay-outs will result in higher premium costs. Family income benefit offers a structured approach to providing financial support for your loved ones in the form of regular, consistent payments.

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Can I get life insurance cover with a health Condition?

A pre-existing health condition refers to a medical issue, like asthma or diabetes, that you have been diagnosed with before applying for life insurance. In the past, having a long-standing health condition could prevent you from obtaining life insurance coverage. However, nowadays, decisions regarding pre-existing conditions are typically assessed on a case-by-case basis, and it is highly probable to be covered even with such conditions.

When applying for life insurance with a pre-existing health condition, your condition will be evaluated along with other risk factors such as age, occupation, lifestyle, and smoking status. Typically, if your condition is mild and well-managed, it should not significantly impact your chances of obtaining coverage. To determine the possibility of life insurance, as well as your options and quotes, detailed information about your health condition will be required. This may include specifics like the nature, severity, duration, management, treatment, and impact of your condition on your daily life.

Some examples of pre-existing conditions include:

  • Cancer
  • Asthma
  • Diabetes
  • Stroke
  • Heart Attack

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