Life Insurance UK

Tern or Life Insurance — despite all the comparison sites - we believe people need to get qualified advice about their Term life insurance rather than just take out policies based on price alone — yes it may be the cheapest — but does it actually provide you with the life insurance coverage you thought it did?

Whether you're looking to provide a financial safety net for your loved ones, moving house or a first time buyer looking to arrange your mortgage life insurance - or simply wanting to add some cover to what you've already got - you'll want to make sure you choose the right type of term life insurance cover and get a great deal too.

When it comes to Life Insurance we believe you should choose based on the policy meeting your needs, it should be created with all the options such as waiver of premium and indexation - and these should be fully explained to you so you know exactly what you are covered for.

 

There are different forms of Life Insurance with Term life insurance being the most common;

 

Term Life Insurance

Term Life Insurance, also called life Insurance and Term Insurance is so called because it covers you for a set term of years, typically this form of life insurance will cover you from 5 to 30 years and is often linked to ensuring a mortgage is repaid in the event of one of the parties death. There are two main forms of Term Life Insurance — Level Term Assurance where the amount of life insurance cover stays the same throughout the entire term eg You take out £120,000 of life insurance in 2001 and should a death occur even in 2020 it would still pay out £120,000 — ie. the amount of cover it pays out remains level. There is a common alternative to Level term assurance and this is called "Decreasing Term Assurance" this is more commonly used to ensure mortgages are repaid and these life insurance policies are often used to cover 'repayment type mortgages, where the mortgage is repaid over say 20 years, in year one the policy would pay out £120,000 but the amount of cover then reduces keeping pace with the reducing balance of the mortgage itself - sometimes by seeking qualified advice you can get a guarantee from the insurer to meet the mortgage balance at any time.

 

When purchasing life insurance in the UK, it's important to understand the difference between term insurance and other types of policies. Term insurance, also known as term life insurance, is the original form of life insurance protection. It builds no cash value and only provides coverage for a specified time period that can be anywhere from one year to 20 years. In comparison, permanent life insurance policies such as whole life, universal life, or variable life insurance are granted for the life of the insured person and the payout is guaranteed at the end of the policy.

 

Advice on Term Life Insurance

You can also choose between guaranteed Term Life Insurance premiums or renewable term life insurance premiums - again we can explain these to you. We recommend you insure your life for the balance of any mortgages outstanding plus 15%, as the 15% can be used by your remaining family to pay for bills and get used to the adjustments they will have to make without you being there.

 

Get qualified advice on your UK term life insurance needs — your mortgage and the protection of your family should rate as high priority concerns as such take advantage of the help available to you - We will get paid commission from the term - life insurance companies for placing your business - this will not affect your monthly payment.

 

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