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What is life insurance?

Life insurance, which can also be known as life cover or life assurance, is a type of policy that protects your loved ones with financial cover if you die. It can help minimise the financial impact that your death could have on your family, and offer peace of mind to those you care about most. Most life insurance policies are designed to pay out a cash sum to your loved ones if you die while covered by the policy. It can help them deal with everyday money worries such as household bills, childcare costs or mortgage payments.

How does life insurance work?

Both types of life insurance that we offer could pay out a cash sum if you die or are diagnosed with a terminal illness while covered by the policy (provided your life expectancy is less than 12 months). You choose the amount of cover you need and how long you need it for. You can take out life insurance under joint or single names and you can pay your premiums monthly or annually.

Do I need life insurance?

The answer to this depends on your individual circumstances. But if there are people that depend on you financially, such as children or a partner who relies on you financially then life insurance could be a way of helping to protect them. Ultimately, you should consider whether your family could manage if you were no longer around. How much money would they need to cover childcare costs, household bills and day-to-day living expenses? If you’re retired and your children have long since flown the nest, you may have less need for life insurance, but for new couples, homeowners, young families and those with older children, you should consider getting life insurance.

What does life insurance cover?

Decreasing life insurance is often used to help protect a repayment mortgage because the amount of cover reduces roughly in line with the way a repayment mortgage decreases. Whereas life insurance is usually chosen to help financially protect loved ones. The cash sum could be used by your family to help cover everyday living expenses such as household bills, rent or childcare or it could be used to help pay off a mortgage.

Is life insurance only for people who have children?

Raising a child is one of the obvious reasons people start to think about life insurance. After all, what is life insurance for if not to protect families? But it’s not the only reason you should think about getting cover. If you live with your partner and they would struggle to pay the mortgage if you were to die, then you should consider life insurance. A life insurance policy could be suitable if you have an interest only mortgage, as the cash sum that could be paid out could help to pay off the mortgage. Or it could also be used to help your family with everyday living expenses. Alternatively, Decreasing life insurance is designed to help protect a repayment mortgage so the amount of cover reduces roughly in line with the way a repayment mortgage decreases.

Whats the difference between critical illness cover and life insurance?

Critical illness cover helps to support you and your loved ones financially if you’ve been diagnosed with a specific treatment. It doesn’t usually pay out if you pass away, that is where life insurance comes in. Life insurance only pays out if you pass away during the term of the policy. It is designed to help your family to maintain their lifestyle after you’ve gone (for example, by covering mortgage payments or children’s university fees).