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Guide to UK Life Insurance

What is life insurance?

Life insurance is a policy that pays out a lump sum when the policyholder dies. Its aim is to prevent the dead person’s partner or family from struggling financially.

It is often referred to as life “assurance”. This is because assurance covers for an event that will definitely happen and – like it or not- you will die at some point.

The correct use of the term “insurance” refers to events that might or might not happen. Saying that, life insurance and life assurance tend to mean the same thing.

The “sum assured” is the amount or cover you have or the amount the policy will pay out when you die.

Who needs Life Insurance / Assurance?

You only really need life insurance if you are married and/or have children.

The idea is the payout will support your family financially if you die at a time when they are relying on your salary.

Reasons to take out life insurance include:

  • To cover mortgage repayments
  • To replace your salary
  • To pay childcare expenses
  • To pay education expenses

If you are young, free and single then there is no real need to have life insurance.

However other types of insurance such as critical illness insurance or income protection might be a good idea as these will cover your financial commitments if you are unable to work for certain reasons.

Who provides life insurance?

Insurance companies, mortgage lenders and banks typically provide life insurance but it is a good idea to shop around rather than just go with the first product you are offered.

Financial advisers and insurance brokers also sell life insurance and can do the shopping around for you.

Read On

What is life insurance?

Who needs Life Insurance?

Who provides life insurance?

Types of life insurance

How much does life insurance cost?

Tips / Do's and don'ts for getting life insurance

Summary of Level Term Insurance Policies

Would you like to get a quick free quote now?

To get your best UK life insurance quotes you need to shop around. A good way to do this is to get a quote from an IFA or specialist insurance broker. They have software which tells them instantly what the best deal is for you. If you don't know a good broker we can put you in contact with one via our quick enquiry form This quote is free and there is no obligation at all to proceed with anything.

UK Insurance Guide Information © Moneysorter Ltd | Author: By Ed Parry 1999 - 2013