Protecting you and the ones you love
What is life insurance?
Life insurance is peace of mind. It’s a policy that lets you leave some financial security for your loved ones if you pass away. Your family would usually get a lump sum that can help to pay off any debts, like a mortgage.
How does life insurance work?
You make your monthly payments, and when you pass away, the people you’ve nominated (such as your family or other dependants) get the pay-out according to the plan you’ve chosen.
How much life insurance cover do I need?
When people are buying individual policies, they take out an average of £150,000 of cover, the average for joint life insurance was £180,000.
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Who needs life insurance?
If you have loved ones who depend on you, it’s worth thinking about taking out life insurance. It can give you the peace of mind of knowing they’ll be financially secure if the worst happens to you. If you and your partner both want to take out cover, you can choose to have two individual policies, or one joint policy.
Single life insurance
This covers one person. Some couples go for two single policies, so that there are two pay-outs, but this makes it a slightly more expensive option
Joint life insurance
This covers two people, but will only pay out once. The policies you can buy through us will usually pay out when one person passes away.
What type of life insurance do I need?
There are many types of life insurance, these are some popular types.
Term Life Insurance
Term Life is the most basic type of Life Insurance, you choose the amount you want to be insured for and the amount of time you want to be covered for.
If you pass away within the term period, the policy pays out to your beneficiaries.
Life Insurance with Critical Illness
Critical illness is a form of insurance, often sold alongside life insurance, which will provide you and your family with financial help if you develop a serious health issue.
If you are diagnosed with a critical illness, it can have a severe impact on your finances as you may need to take time off work for your treatment and recovery.
Critical illness insurance is designed to help, paying out a lump sum payment when you are diagnosed with one of the specific critical illnesses covered by your policy.
Life Insurance with Critical Illness is a policy that can cover you in the unfortunate event that you become seriously or terminally ill, meaning that you would not be able to work again.
These policies typically cover heart attacks, multiple sclerosis, Alzheimers, liver failure, major organ surgery, cancer, kidney failure, stroke and major organ transplants.
Mortgage Life Insurance
Mortgage life insurance – also referred to as mortgage protection – is a type of insurance that pays out if you die before you finish paying your mortgage.
Its aim is to stop anyone you leave behind from worrying about paying the monthly repayments, or be forced to sell the property to repay the amount still owed.
There are two main types of mortgage cover:
1. Decreasing term – where the payout reduces in line with your mortgage balance
This is the most common, and usually the cheapest, as the amount you're covered for decreases as you pay your mortgage off (though your monthly payments stay the same). This leaves your dependants with enough money to help to pay the rest of the mortgage.
It's therefore designed for repayment mortgages where the amount you borrow is fully repaid at the end of the term.
2. Level term – where the payout is fixed for the length of the policy
These policies tend to be more expensive, as they pay a defined lump sum if you die within a fixed time, for example, £200,000 if you pass within the next 18 years. However this could be better if you want to leave a lump sum for your dependants to cover more than just your mortgage, for example other debts and/or ongoing spending.
Level-term is also likely to be a better bet if you have an interest-only mortgage, as the lump sum would be available to cover the capital rather than just the repayments.
Whole of Life Insurance
The definition of whole of life insurance is a life policy that remains in place and provides your nominated relatives with a benefit in the event of your death, no matter how long you live – provided all premiums are paid as set out in the schedule. Additionally, it has a savings element with a cash value that may accumulate over your lifetime.
A whole life insurance policy comes with an in-built guarantee that your nominated family members will receive the agreed payout no matter how long you live.
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Popular Questions
Life insurance is a form of security to provide for dependants such as children or spouses. For most people life insurance is an important commitment that gives them peace of mind should they die before their dependants.
The amount of cover, known as the sum insured, depends largely on your personal circumstances. For example, if you have a big mortgage and a large family, you will need more cover than someone who has a small home loan and one child.
A sum assured that is enough to cover the mortgage outstanding, plus car loan, any credit card debts, loss of income, cost of further education, and maybe even the cost of childcare, though you should carry out more detailed calculations to make sure you are properly covered.
People usually only really think about it during a big life event, such as buying a home, getting married, having a baby or starting a new job. But it may be worth considering one sooner, when you're young and healthy, as the premiums could be lower.
Protect your loved ones with life insurance
You never know what life's going to throw your way - which is why it's crucial to ensure that, should the worst happen, those you love most are protected.
Life insurance can be used to cover mortgage repayments, leave a cash gift and support your family after you're gone or fall seriously ill.
Find the right plan for your situation in 3 easy steps:
1. Complete the enquiry form above
2. Our experts search the market
3. You receive free quotes
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Copyright © 2024. All rights reserved. Premium-life-cover.co.uk is a trading style of One Click Financial
The brokers we work with provide a comparison service from a panel of some of the UKs top insurers, such as: AIG, L&G, LV, Aviva & Zurich. Not every broker works with all insurers listed here.
* £5 per month Life Insurance quoted rates are based on level term life cover for non-smokers with no pre-existing medical conditions or other high-risk factors. Individual factors and medical underwriting will be assessed which may vary the premium and sum assured you are eligible for or may result in you being declined. Correct as on 1st March 2023:
£131,406 over 20 years - 30-year-old born in 1993 (Aviva)
£83,288 over 20 years - 35-year-old born in 1988 (Aviva)
£59,463 over 15 years - 40-year-old born in 1983 (Aviva)
£40,323 over 15 years - 45-year-old born in 1978 (Aviva)
£27,931 over 10 years - 50-year-old born in 1973 (Aviva)
£18,706 over 10 years - 55-year-old born in 1968 (Aviva)
£11,569 over 10 years - 60-year-old born in 1963 (Aviva)
£7,069 over 10 years - 65-year-old born in 1958 (Aviva)
£4,285 over 10 years - 70-year-old born in 1953 (Aviva)
There are no fees or charges associated with using this website. This service is free, we do not charge you for this service. Our partner FCA authorised broker pays us an introductory fee only. We do not receive any other payment regardless if you take out the policy or not.
Please note that some of the brokers we work with may not provide quotes from all of the insurers featured on our website.
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How much does life insurance cost?
Level Term Life Insurance
£5 per month Life Insurance quoted rates are based on level term life cover for non-smokers with no pre-existing medical conditions or other high-risk factors. Individual factors and medical underwriting will be assessed which may vary the premium and sum assured you are eligible for or may result in you being declined. Correct as on 1st March 2023:
£131,406 over 20 years - 30-year-old born in 1993 (Aviva)
£83,288 over 20 years - 35-year-old born in 1988 (Aviva)
£59,463 over 15 years - 40-year-old born in 1983 (Aviva)
£40,323 over 15 years - 45-year-old born in 1978 (Aviva)
£27,931 over 10 years - 50-year-old born in 1973 (Aviva)
£18,706 over 10 years - 55-year-old born in 1968 (Aviva)
£11,569 over 10 years - 60-year-old born in 1963 (Aviva)
£7,069 over 10 years - 65-year-old born in 1958 (Aviva)
£4,285 over 10 years - 70-year-old born in 1953 (Aviva)
£10 per month Life Insurance quoted rates are based on level term life cover for non-smokers with no pre-existing medical conditions or other high-risk factors. Individual factors and medical underwriting will be assessed which may vary the premium and sum assured you are eligible for or may result in you being declined. Correct as on 1st March 2023:
£338,352 over 20 years - 30-year-old born in 1993 (AIG)
£225,197 over 20 years - 35-year-old born in 1988 (Aviva)
£165,271 over 15 years - 40-year-old born in 1983 (Aviva)
£104,303 over 15 years - 45-year-old born in 1978 (Aviva)
£75,634 over 10 years - 50-year-old born in 1973 (Aviva)
£42,506 over 10 years - 55-year-old born in 1968 (Aviva)
£23,148 over 10 years - 60-year-old born in 1963 (Aviva)
£14,144 over 10 years - 65-year-old born in 1958 (Aviva)
£8,573 over 10 years – 70-year-old born in 1953 (Aviva)
Life Insurance with Critical Illness Cover
£10 per month Life Insurance and Critical Illness Cover quoted rates are based on level term life cover for non-smokers with no pre-existing medical conditions or other high risk factors. Individual factors and medical underwriting will be assessed which may vary the premium and sum assured you are eligible for or may result in you being declined. Correct as on 1st March 2023:
£36,263 over 20 years - 30-year-old born in 1993 (Aviva)
£24,420 over 20 years - 35-year-old born in 1988 (Aviva)
£20,137 over 15 years - 40-year-old born in 1983 (Aviva)
£14,753 over 15 years - 45-year-old born in 1978 (Aviva)
£11,472 over 10 years - 50-year-old born in 1973 (Aviva)
£7,937 over 10 years - 55-year-old born in 1968 (Aviva)
£5,317 over 10 years - 60-year-old born in 1963 (Aviva)
