Life Insurance Quote
- We have partnered with the award winning Life Insurance broker LifeSearch to provide you with advice and help with your life insurance needs.
- Speak with an Adviser for free who will answer any questions you have and then search the market for the best cover for you.
- LifeSearch has won Best Protection Provider in 10 out of the last 11 years
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What Customers Have to Say about Life Search...
I would definitely recommend your company as the information I received was
clear and the advisor I spoke to was clear and made sure I was comfortable with
what I was being asked and what I was agreeing too. Very happy customer.
Kersty Fuller, Hull
I first dealt with Lifesearch over 5 years ago and have always
been impressed with the friendly and informative service I have received.
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Do I need life insurance?
If you have children or anyone else who would suffer financially in the event of your untimely death, then the answer is probably \'yes\'. Nobody really likes to think about their death or that of a loved one, but it\'s relatively simple and affordable to obtain life insurance, which will provide you and your family with financial security.
Deciding whether you need life cover and what level of cover you need is very personal to each household. Some families are reliant on two incomes, while others have one main bread-winner. There is a large range of life insurance products to choose from, ensuring that the right solution can be found for any household.
How much does life insurance cost?
The cost of your life insurance premiums is calculated based on a variety of lifestyle, health and policy factors. Your occupation, health and age are all taken into account, as well as the length and value of your policy.
Overall, the cost of life insurance has fallen in recent years, meaning it is an affordable option for most households. This is particularly true if the policyholders are in good health and lead low-risk lifestyles.
What service do LifeSearch provide?
LifeSearch is the largest, highly award-winning telephone-based protection insurance adviser in the UK.
LifeSearch pledge to give you honest, unbiased advice, to find the right type of Life Insurance and protection policy for you, and to get you the most competitive premium possible. We work with LifeSearch as they are an independent life insurance adviser to help our customers find the right insurance for them. When someone buys life insurance from LifeSearch via KnowYourMoney.co.uk, LifeSearch pay us a fee.
Types of Life Insurance
Over 50s life insurance
Over 50s life insurance is often taken out to cover the specific costs involved with death itself, as the payout is often very low. Anyone will be accepted onto a specific over 50s plan without a medical, regardless of age or medical status but most policies will have a maximum age up to which they will accept you as a policyholder.
Payouts from these plans are guaranteed to be made when you die, providing, in some cases, that you don\'t die within a very short time of taking out the policy. If you take out over 50s life insurance when you are relatively young, you may pay into it for a long time before you receive your payout.
Critical illness insurance
Critical illness insurance is a separate policy, which people often take out alongside their life insurance, although some term policies will include a payout if you should be diagnosed with a terminal illness, so it\'s worth checking this before you commit to further illness cover.
Most policies have a pre-set list of conditions for which they will pay out. Some have many more than others, so it\'s important to check the list and make sure you are happy with the conditions covered before committing. As well serious conditions such as cancer and heart disease, many critical illness policies will also pay out if you become disabled as a result of an accident.
Whole of life policies
A whole of life insurance policy lasts for the entirety of your life, with a guaranteed payout when you die. As a payout will definitely be made at some point, the premiums for this type of insurance tend to be higher than those for term insurance.
Some whole of life insurance policies have a predetermined payout amount, which will not change, while others are linked to various investment products with payout amounts that change depending on the performance of the investments.
Term life insurance
Term life insurance is perhaps the most popular option for average families, largely because they are usually straightforward and lower cost. Term insurance (or term assurance as it is sometimes known) enables you to choose the period and the level of cover (the payout, or the \'sum assured\') for which you wish to be insured. Quite simply, if you die within the designated term of the policy, it will pay out to your family. Once the term has expired you will not receive any money nor any of the premiums paid back.
Level-term policies are one of the two main types of term insurance. Level-term policies pay out one lump sum, if you should pass away during the period of time agreed at the beginning of the policy. The amount paid in premiums remains the same, as does the value of the payout.
Decreasing-term life insurance policies also operate over a set period of time, like level-term policies, but decreasing-term policies pay out less as the term of the policy progresses. They can bevery useful for those whose main objective is to pay off their mortgage when they die, for example. This type of policy is also a popular choice among those looking to reduce their inheritance tax exposure as they age.
Family income benefit policies
Family income benefit life insurance policies fall under the decreasing-term life insurance category, but instead of paying out one lump sum upon death, they pay out a monthly amount, usually to reflect what you, as the policyholder, contributed to the household, and therefore what your family would otherwise be living without in the event of your death.