Life Insurance UK
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The subject of life insurance is regarded as something of a conversational cul-de-sac, and consequently it's difficult to know where to turn for reliable advice. Of course the Internet is a starting point, but it isn't long before you tire of the endless sales pitches. The good news is that help is at hand. Spend some time surfing our pages you'll get a clear overview of life insurance in the UK, plus an idea of what the market has to offer.
Life insurance policies have come a long way in a relatively short period of time, and today they provide a number of different functions. Perhaps the best-known type of policy is level term life insurance; which is designed for anyone with family or loved ones who are financially dependant on them. If the worst happens the policy will pay out a capital lump sum to the dependants. If however the term (length of the policy) expires before the policyholder then no payment is made. Level term life insurance can be taken out by both individuals and couples. There are also a number of additional options which can be purchased to provide extra insurance, these include: critical illnesses cover and permanent health insurance. With level term life insurance the assured sum remains a guaranteed constant.
For many people the first time that they come across life insurance is when applying for a mortgage. Most mortgage providers insist that the borrower is insured to cover the remainder of the loan should anything go wrong (you'll certainly need mortgage protection insurance with an interest only mortgage, although it isn't always the case with a repayment mortgage). This type of cover is also known as decreasing term insurance precisely because the assured figure decreases with time (in relation to your outstanding mortgage).
The cost of monthly premiums varies depending on your personal circumstances and what type of cover you want, but remain within most people's financial reach. A man in his mid thirties should expect to pay somewhere between £12-15 each month for a basic Level term life insurance policy that will pay out £150,000. As a rule of thumb women can expect to pay less, while smokers will understandably have to pay more.
Senior life insurance plans are the latest addition to the marketplace, offering cover for anyone aged 50-80 years, often without having to provide your medical history.
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