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Life insurance is something we all hope we will never need to use, but it can prove invaluable should you pass away when you have dependants. Choosing the best life insurance policy can be difficult, as there are many different types to consider, and you also need to decide how long you want the policy to last for, and how much you want to be covered for.
In this guide, we aim to answer any questions you might have about taking out a life insurance policy, from deciding what level of cover you need to comparing different quotes. Don't hesitate to get in touch if you need help choosing the right policy - we will help you find the one best suited to your needs.
But first, let's have a bit of background information about the different kinds of life insurance cover you can buy.
What is a life insurance policy?
Perhaps you have heard the term 'life insurance' before, but are unsure exactly what it covers? Essentially, a life insurance policy aims to provide your loved ones with financial security in the event of your death, or diagnosis of a terminal illness. This could be a lump-sum payment or regular monthly payments to help keep your family financially comfortable until they are able to get back on their feet.
How do life insurance policies work?
Life insurance policies are paid for monthly, much like any other type of insurance. The amount paid each month will be linked to the level and type of cover as well as information about the individual - how high-risk they are considered by the insurer.
In the event of the policyholder's death, the appropriate sum will be paid out, depending on the type of policy and the level of cover chosen. Some policies will also pay out if the policyholder is diagnosed with certain serious medical conditions, as outlined in the terms of the policy.
Do I need life insurance?
Whilst it isn't a requirement for anyone to take out a life insurance policy, it can be very useful for a number of people. If you have a partner or children who are dependant on your income, life insurance can give them a financial safety net should the worst happen.
A life insurance policy can also cover mortgage payments after death to ensure your loved ones don't have to worry about paying off the mortgage and can continue living in the family home. Other types of outstanding loans and debts can also be taken care of with life insurance claims.
There is no one specific person who will need life insurance. Anyone can take out a life insurance policy to help their family in the event of their death.
Being a parent and supporting young children is one of the primary reasons that people think about requesting Life Insurance Quotes. This is especially beneficial if you have a large family with plenty of mouths to feed. While one paycheck may not be enough to sustain the lifestyle your family is used to, a cheap life insurance policy could help overcome any issues in the event of your death.
Childcare is not the only reason you might consider life insurance, though. Any situation where your partner or your family may struggle should you die is a reason to think about inquiring about life insurance.
If you work in a high-risk industry, such as construction, logging, or something where you regularly travel, you can seek out cheap life cover. Doing so can give you, and your family, peace of mind that their financial situation is protected should anything terrible happen.
Why Is Life Insurance Important?
There are so many people without life insurance in the UK, and this is a major issue. People never think its going to happen to them until its too late. Without the correct planning it can cause terrible consequences for the family left behind. Life insurance can be very cheap! Depending on how old you are it can be as little as £5 per month. "Less than a pizza takeaway"
So its important to take it out as soon as you can! The younger you are the cheaper life insurance will be. It can be the difference between paying £5 per month for someone in their 20's to paying well over £100 in their 50's. But its not just the expense. Those who have built up medical issues or have that middle age spread will end up paying even more!
I'm sure those with a car will have car insurance and those with a house will have house insurance. But what about the most important financial income? Who will pay the mortgage if you are no longer about?
So in our opinion life cover is the most important. It gives your family peace of mind that they will not be thrown into substantial financial difficulty should you suffer a fatal accident or illness. Why not use our form and see how much it will cost. As we've said before, cheap life insurance is only minutes away. How much better do you feel already.
Having a baby is another reason to take out a cheap life insurance policy. In fact its essential, especially when working in a hazardous industry and environment while your children are still young. As childcare can be expensive, including general childcare costs such as food and clothes to payments for creche care or childminders, life insurance will help soften the blow. Your partner may also need to return to work following your death, so your life insurance pay out will help them afford such costs of childcare.
Finally, life insurance allows you to readily prepare to make funeral arrangements prior to the time of death. On average, funerals in the UK cost around £3800, and as this is more than the average monthly wage. Once again a cheap life insurance policy will prove crucial for helping to manage such expenses.
What do the different types of life insurance cover?
There are two main kinds of life insurance, each covering different things. Level term life insurance is a popular choice. With this type of insurance, a lump sum, agreed at the start of the policy, will be paid out upon the death of the policyholder .The other major type of life insurance you might wish to consider is decreasing term life insurance, which is also sometimes called mortgage insurance. If you have a mortgage life insurance policy, the amount paid out reduces over time, in accordance to the amount left to pay on the mortgage.
What type of life insurance do I need?
If you are looking to provide for your family after your death, a level term life policy is the type of cover you need. You can decide the size of the lump sum you wish to leave them with to ensure they are taken care of for several years.
On the other hand, if you simply want to ensure your mortgage is paid off, perhaps if you don't have a partner or children, a decreasing term policy will be more suitable.
How do I get a life insurance quote?
It is easy to get a quote for a new life insurance policy online. You'll need to provide a few personal details and answer some questions about your health. It is sometimes necessary to undergo a health checkup to ensure any conditions are detected and noted in order to provide the most suitable type of cover.
You can get a quote in a few minutes on our website just by answering a few simple questions. You will need to think about the length and value of your policy, too. If you are struggling with this, our team can help you find the best policy for you and your family, so don't hesitate to contact us over the phone.
How do I choose the right life insurance cover?
Choosing the correct length and amount of cover is one of the most difficult parts of obtaining a life insurance policy.
Families with children might find one that will cover them until they are 18 years old is a good idea. This way, the surviving parent will be able to meet the costs of raising the child or children.
For those without children, consider leaving your partner enough to pay off any outstanding bills or debts. Those who have neither children nor a partner might find themselves not in need of any life insurance at all.
The ideal length of the policy varies from person to person. If the it is intended to cover paying off a mortgage, the policy should last as long as the mortgage. Older people or those in poor health might benefit from choosing a shorter policy.
How To Get The Cheapest Life Insurance
There is a lot of competition between different life insurance providers, so finding an affordable policy isn't too difficult. Compare different types, durations, and levels of cover but do ensure you choose a sufficient level of cover.
Comparing policies can help you find something affordable yet still providing the cover you require. Life insurance tends to be paid for monthly, and often works out at a cost of just a few pence per day. So, it is very affordable yet can prove invaluable should the worst happen.
Why it is Important To Compare Life Insurance Quotes
It's crucial to compare different quotes and policies rather than just buying the first one you are offered. Comparing different quotes will allow you to make sure you are choosing the right type of cover for you and your family, as well as the correct duration and value.
Rather than choosing the cheapest policy, check that the chosen policy covers everything you need it to and be sure to read the terms and conditions so your loved ones aren't left with a policy that won't pay out due to a misunderstanding of what is covered.
How Much Does Life Insurance Cost & How Can We Save You Money
As noted above, a life insurance policy can cost very little, just pennies per day. There are a few factors which play a role in determining the overall cost. Some of these include:
- Your overall health, including any pre-existing conditions
- Your age
- Whether or not you smoke
- How much you want the policy to pay out
- The policy term
- Whether or not you exercise regularly
- Insurance provider - Similar levels of cover can vary hugely in cost between different insurers. That's why it's always worth using a whole of market broker like ourselves where you can compare life insurance quotes online.
We work with some of the biggest names in life insurance to bring you suitable cover at a price that meets your budget. Simply fill in our form, which takes just a few minutes, then you will be presented with a list of quotes to compare.
After deciding on your chosen provider, you can then apply directly with them online where they will ask a few more questions to ensure your life cover includes everything you are looking for.
Should I worry about critical illness cover?
Critical illness cover is available on its own or as part of a life insurance quote, although it is more commonly sold along with the life insurance policy. This type of cover will offer a lump sum payment in the event you are diagnosed with certain serious illnesses such as cancer, or suffer a stroke or heart attack. This payment can help when you are unable to work, allowing you to continue paying bills and debts.
The critical illness payment is made whilst you are alive, following the diagnosis of the medical condition. However, if a claim isn't made at this time, and you have critical illness cover as part of your life insurance policy, the amount paid will be added to the lump sum paid out following your death.
Whether or not you choose to add this type of cover to your policy is entirely up to you. Younger, healthy people might find it unnecessary, however, when it comes to over 50s life insurance, it is worth more seriously considering adding critical cover for added peace of mind.
Where can I seek expert advice for life insurance policies?
Here at Discount Life Cover, we offer an advised sale service in which a member of our team of FCA-qualified experts will guide you through the process and ensure your chosen policy is suitable for your personal circumstances.
So, if you are looking to compare life insurance but don't know where to begin, start by getting in touch today, and we will do everything we can to make the process straightforward. Whether it's deciding how much life insurance you need or if you're wondering how the different kinds of life insurance work, our team can help you out. Alternatively you can compare life insurance online using our simple quote and apply service.
What if I have a pre-existing medical condition?
Those with a pre-existing medical condition might be worried that they won't be able to find suitable cover at an affordable price. However, it is possible to get life insurance with an existing condition, it just might be a bit more difficult than it is for those in better health.
It is crucial to disclose any existing health conditions when applying for single policies or a joint one, otherwise your claim may be invalid and the insurer won't pay out.
When you are applying, there are a few questions the insurer will ask about your medical condition. These will likely include the following
- If the issue is on-going
- If you take any regular medication
- If you have been admitted to hospital recently because of the condition
The insurer might also need access to your medical records or wish to contact your GP before offering a quote. Whilst you have the right to deny an insurer access to this information, you might find you are unable to get a quote otherwise. Again, it is important to stress how crucial it is to be honest with the answers to these questions, as failing to declare something properly is illegal and will most likely result in the policy not paying out should the worst happen.
It's also worth noting here that those with an existing illness won't necessarily be charged more than those in perfect health. There is a law in place to prevent insurers from charging more to those living with manageable or curable illnesses.
However, that's not to say those with conditions that make them higher-risk to insure won't have to pay more. For example, those with high blood pressure will probably pay a bit more in their monthly premiums. The cost increases with the severity of the condition, but it is worth comparing different insurers to see what is on offer.
Some very serious conditions won't be covered by your insurer. You might still be able to get a quote, but the existing condition will be excluded from the cover. In this case, it is very important to carefully read the terms and conditions to ensure you are clear about what is covered and what is not.
You won't want to leave your loved ones in doubt, so make sure the terms are clear from the beginning. For example, some insurers might offer policies to those who have had cancer, but won't pay out in the event of the policyholder dying from that cancer.
There are a few ways to make life insurance cheaper for those with existing medical conditions. Of course, it is always worth comparing life insurance to find the best level of cover at the most affordable price. Just be sure to read the full terms of the policy to ensure it will pay out when you need it to.
It's also worth trying to take on a healthier lifestyle, although this isn't always easy. Taking up exercise and quitting smoking are great ways to lower your insurance premium - just be sure to get in touch with your insurer to inform them of these changes.
How much does life insurance cost?
There's no easy answer to this question as it is dependant on many factors. On average, a monthly premium costs around £15, although the cost can vary considerably between different groups. Higher levels of insurance will pay out more in the event of death or illness, however you should expect to pay more for this. Those who are considered higher risk will also have more expensive monthly premiums. This includes over 50s, smokers, and those with certain medical conditions.
The type of life insurance you choose will also affect its cost. Level term life insurance is, on average, around 20% more expensive than decreasing term policies.
A joint policy can also help you save money compared to choosing two single policies for yourself and your husband, wife, or partner. Another advantage of joint life insurance is that it will pay out regardless of which partner dies.
How long will I need life insurance?
Those who are taking out life insurance to pay off their mortgage in the event of their death should choose a policy of the same length as how long is left on the mortgage. So, if you have a 25-year mortgage, it makes sense to choose a life insurance policy that also lasts for 25 years.
If you are looking to get life insurance to take care of your family financially when you are no longer around, it can be a bit more difficult to decide how long the policy should be. In general, to provide support for your family in the time following your death, it is a good idea to cover around 10 times your income.
In terms of the length of the policy, many families cover until the youngest child will have left full-time education. However, you might want to offer longer financial support to your partner, in which case a few more years should be added to the policy.
The insurer might have some limitations such as the minimum or maximum age of a policyholder at the start and end of the cover. Specific over 50s life insurance is ideal for those in this age group.
Should I ever review my life insurance policy?
Yes, it is worth reviewing your policy annually to make sure it is still suitable for your needs and circumstances. It is not often necessary or worthwhile to cancel your policy, but you might find it necessary to take out another one if things have changed, or perhaps to let the insurer know about any changes in your circumstances.
Aside for a regular review, there are some other times when it is worth taking another look at your life insurance cover, such as:
- Following a divorce or separation, especially if you have a joint policy
- Taking on a new job or being made redundant - consider how your income changed and how this will effect the amount you need paid out in the event of your death
- Lifestyle changes, such as giving up smoking
- Changes to your estate and beneficiaries for any reason
- An increase in debts to be paid off or a higher mortgage - make sure your family will still be able to cover these should you pass away
Whilst it might not be your top priority, as you can see it is worth regularly reviewing your life insurance to ensure the cover is still sufficient and your insurer is kept up to date with any major changes which could impact upon your monthly premiums.
If you still have some questions about taking out a life insurance policy, we have more helpful information below.
What is the least expensive life insurance?
As we have already seen, your circumstances, lifestyle, and the level of cover can all considerably affect the cost of your premium. However, there are cost differences between different types of policy.
In general, a decreasing policy is cheaper than a level term one because the amount insurers have to pay out on average is a lot less. However, these two types of insurance are very different so it is best to weigh up the pros and cons of each and decide which is better suited to your requirements rather than simply choosing the one which offers the lowest premium.
In order to find the least expensive insurance, it is always worth running a comparison between the biggest providers - there is a lot of competition in this market so most people can save a lot of money by shopping around.
How much does £500k life insurance cost?
A £500,000 life insurance policy varies in cost between different groups of people, just like any other value of life insurance. This is a high level of cover, and so insurers will have to invest some of your payments to ensure they are able to pay out such a large sum when you pass on.
If you are considering taking out cover for the sum of £500k, it will be necessary to obtain a quote by providing your personal details. However, as a rough guide, monthly premiums start at around £15 for a non-smoker aged 30 looking for 10 years of cover.
Costs, of course, go up as age and length of cover increase, and those who smoke can expect to pay at least 50% more each month, although the costs for some groups may be as much as double compared to their non-smoking counterparts.
However, be sure to carefully consider whether or not you need this level of cover. If you are unsure how what value to choose, it is best to seek out expert advice in order to ensure you aren't over- or under-insured. Take your salary into account as well as your typical monthly cost of living such as mortgage payments, childcare, school fees, as well as holidays and leisure activities. Of course you can always compare life insurance quotes online using our simple online quote form.
What's the best life insurance UK?
There is no one answer as to which is the best life insurance UK wide, as each individual has different requirements when it comes to their insurance.
We recommend using our services to compare some of the leading UK providers to find coverage that is suitable for your needs. Do some research into the different kinds of life cover available to you and be sure to answer any questions fully and honestly when it comes to applying for a quote.
It is worth spending some time carefully considering all the costs you would like to be met by the insurance payment should you pass away - mortgage payments, outstanding debts, as well as the costs of day-to-day living for your partner and children.
Whilst life insurance might not always be cheap, it will prove invaluable should the worst happen. Knowing your family will be provided for financially after your death offers huge peace of mind, and you can't put a price on that.
What are the 3 types of life insurance?
The three main kinds of life insurance are level term, decreasing, or whole of life policies. We've talked about decreasing and level term policies above, so let's take a look at whole of life cover.
This type of cover can be quite expensive, although it pays out whenever you die, rather than within a fixed time frame. If you stop paying, you will lose anything you have paid in so far.
There are other types also available such as critical illness cover, family income benefit, and increasing term insurance, although these are less common.
Family income is a kind of decreasing cover. When you die, the chosen amount will be paid monthly or annually, so the longer you live, the less will be paid out. This is therefore ideal for providing for children until they reach adulthood.
On the other hand, increasing term insurance aims to keep up with inflation rates. The amount paid out increases over time, as do the premiums paid.
Single policies or joint policies are available for most types of insurance to ensure your family is suitably provided for after your death.
Get Cheap Life Insurance Today
Get in touch today with Discount Life Cover to compare life insurance quotes and put your family at ease when you head out for work every day. Discount Life Cover is dedicated to finding you the best life insurance quote to suit your situation, so fill in a quick obligation-quote form today. We promise to find the best quote for you and won’t be beaten on price. If you’d prefer to speak to someone directly get in touch at 0207 112 8844 for more information.
Discount Life Insurance…Why Use Us
We are an online advice service and as such have little overheads which enables us to give away more commission enabling us to me extremely competitive on price.
Having said all this, life insurance is not always about price and there are differences in the types of cover offered by providers. So we also provide an “advised sale” which means that we take on responsibility to make sure the policy you take is the right one and the most suitable for your circumstances.
Meet Our Team
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Who we are
Discount Life Cover is a trading style of My Key Finance and is our personal life insurance website. My Key Finance has been trading since 2014 within the life insurance protection market and is a whole of market broker. This means we have access to all the top UK providers for life insurance products. We offer discounted prices by giving away parts of our comision and keep a good eye on the market to make sure our prices are the best you will see online. This site is designed to allow customers to quote and apply without the need to speak to anyone, however we do also have a team of qualified experts at hand to talk you through any questions you may have or to offer a telephone quote and apply service.
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