Why do you need life insurance?

A life insurance policy pays out a lump sum to your loved ones if you die. If you have children or other people relying on you financially, it’s important to think about their future and how they’d cope financially if you weren’t around.

A life insurance pay out could be used by your loved ones to:

  • pay off a mortgage
  • replace an income
  • pay for childcare or education costs
  • maintain their current standard of living
  • Deciding what type of life insurance you need
  • What type of life insurance you choose depends on what best fits your needs. The two most common types of life insurance policies are level term and decreasing term.

Level term: The amount you’re covered for is fixed when you start paying your premiums, and it stays the same throughout the term. A guaranteed lump sum will be paid if you die during the policy term.

Decreasing term (also known as mortgage life insurance): With decreasing term, the amount of cover reduces over the length of the policy. Decreasing term is commonly used to cover the outstanding balance of a standard repayment mortgage.

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Other things to consider:

Critical illness cover: This cover provides you with a lump sum if you’re diagnosed with a defined critical illness during the policy term; for example, some types of cancer or a stroke. The amount and types of illnesses covered vary by provider, so always check the policy details.

Joint life insurance: This type of policy will cover you and another person, paying out only once following a claim and then ending. A joint policy can be cheaper than taking out two single policies, but there will only be one payout. It’s worth getting quotes for both to see what best meets your needs.

Once you’ve decided which type of cover you’d like, it might be worth putting the policy into trust.

Looking for over 50s life insurance? It’s a whole of life insurance policy available to UK residents aged 50 to 80. There is no medical required and acceptance is guaranteed. Pay outs from an over 50s policy could be used to cover funeral costs, household bills or leave a financial gift to loved ones.

Find out more about the different types of life insurance.

Deciding how much cover you need

You can work out the amount of cover you need by totalling up your financial commitments like:

an outstanding mortgage
other debts such as loans, overdrafts and credit card balances
You should also consider how much your family would still need if you were to die. For example for home living, child care or education costs.

Need some help? Use our life insurance calculator to help estimate what could be the right amount for you.

Buying life insurance

Compare up to 9 trusted UK insurance providers.
See independent star ratings from Defaqto.
Get a tailored quote and an indication of how your application will be treated.
We ask more questions upfront so we can tailor your life insurance quote. This enables us to give you an indication of how the insurer will treat your application. Depending on the answers you give, you may be able to buy cover immediately without completing an application. The option to “buy now” is not available on any other comparison site.

Completing a life insurance application

Completing a full life insurance application takes about 10-15 minutes. You’ll be asked questions relating to your health, family medical history, occupation and hobbies.

Once completed, your application will be processed by our partner Direct Life & Pension Services Ltd. You’ll be assigned a dedicated and trusted representative who’ll liaise directly with your chosen insurer and keep you updated on the progress of your application.

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