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It can be simple to buy life insurance to ensure that your family, home or business are protected should anything happen to you or your spouse/partner.
The simple act of buying life insurance could ensure that your family are able to keep their home, pay school fees and to do simple things like go on family holidays which we all take for granted.
Life insurance premiums are generally far lower than most of us think that they are and cover can be very easy to obtain, especially if your medical history is clear.
Our team of life insurance experts will help to guide you through the application process to make sure that you get the best cover at the right price.
About life insurance
Life insurance is one of the most common and most popular forms of personal protection insurance as it covers and this is mainly because it is considered to be the most important. This may or may not be the case depending on your own personal circumstances and needs but life insurance is certainly something that we all should consider, especially if you have children, a property or a business.
There are many different types of life insurance, such as:
- Level term assurance
- Decreasing term assurance
- Family income benefit
- Whole of life insurance
- Business protection
Most people consider taking either a life insurance policy to protect their family (level term assurance) or their home / mortgage (decreasing term assurance). Your life insurance needs should be carefully considered and assessed to ensure that you have the most appropriate cover in place based on your circumstances / budget.
Other types of personal protection products include:
- Critical illness cover
- Income protection
- Private medical insurance
- Over 50’s life insurance
- Funeral plans
It is important to carefully consider which types of cover and life insurance are most important to you based on your individual circumstances, however your needs will change as your life changes.
Frequently asked questions
We’ve put together a quick list of the most common questions that we get asked about life insurance to help you before you get started:
- What does life insurance do?
- Do I need life insurance?
- What type of life insurance cover is best for me?
- When should I buy life insurance?
- Does life insurance pay out?
- How much does life insurance cost?
What does life insurance do?
Life insurance is one of the most simple types of insurance or personal protection policies that you can buy because of the very basic way that it pays out. Generally there are only two ways that you would ever make a claim on a life insurance policy which are:
Upon death: If you were to pass away then your family, partner or spouse would claim the benefit of the life insurance policy that you have in place to pay off the mortgage or for an amount to cover the loss of your income.
Diagnosis of a terminal illness: Some life insurance policies have a built in benefit called ‘terminal illness benefit’ which is designed to pay out for anyone diagnosed with an critical illness who has less than 12 months to live. This simply enables that individual to arrange their personal affairs and to ensure that the proceeds of the policy go to the right places.
Generally a life insurance policy will pay out a tax free cash lump sum which also means that the benefits will not form part of the policy holders estate.
Why do I need life insurance?
It is difficult to say that anyone absolutely 100% needs life insurance, however it is strongly recommended that we all should consider some form of life insurance. The Financial Conduct Authority which is the current regulator also strongly recommends that we all should consider taking some form of life insurance.
There are a number of key factors that should be considered when looking at your on life insurance needs, such as:
Dependants: Life insurance is especially important for parents with a young family or dependant children to make sure that they are financially safe in the event that your income is lost.
Home (Mortgage/Rent): If you are a home owner or tenant then you should also consider life insurance to ensure that your property is protected.
Business: Most business owners also have a strong need for life insurance to cover a number of eventualities, especially if the company is limited or a partnership. This is one of the least bought types of life insurance but still very important to ensure that your business does not suffer if you are not around to keep it going.
What type of life insurance cover is best for me?
You should ideally speak to a life insurance expert or adviser who will be able to assess your needs to apply the most suitable cover for you and your needs. There are a number of different types of life insurance policies to consider which include:
Level term life insurance: Also known as ‘family protection’, level term life insurance is one of the most common types of cover as it will always pay out a set figure regardless of when you make a claim during the policy term.
Decreasing term life insurance: Commonly known as ‘mortgage protection’ because of the fact that the sum assured (cover amount) decreases throughout the term of the policy generally in line with your mortgage.
Family income benefit: This is a lesser known form of life insurance as it is a more modern version of cover but it is also an incredibly clever way for people who can’t afford full cover to get some life insurance.
When should I buy life insurance?
The simple fact of the matter is that life insurance is cheapest when we need it less, when we are young and healthy. There are a few simple occasions when you should consider life insurance, such as:
- Buying a home
- Having children
- Changing jobs
Most people unfortunately in our experience buy or apply to buy life insurance when it is too late because they are either older or have been diagnosed with a medical condition.
Does life insurance pay out?
Life insurance is one of the highest paid claims of all insurance claims because of the fact that claims are fairly simple and that it is underwritten at application stage.
Most life insurance providers produce annual claims statistics which means that you can easily see how good or bad each of them are at paying out. Claims statistics for life insurance can be found on the internet and are made public by most insurance providers.
Life insurance is one of the most important financial products for anyone and especially important for those with children, mortgages or rent and businesses. If you are a parent, homeowner / tenant or business owner then you have a genuine need to consider some form of life insurance. Most people consider life insurance to be too expensive or think that it simply will not pay out in the event of having to make a claim, both of these assumptions could not be more wrong.
Currently the life insurance market is highly competitive and therefore premiums are lower than they have ever been for the vast majority of us. The assumption for a life insurance premium is in fact four times higher than the actual cost of cover which is astonishing.
Also, life insurance is one of the highest paying of all types of insurance policies with approximately 99% of claims paid out with most life insurance providers. Claims stats are regularly released for the majority of top life insurance providers so you can clearly see how likely your provider is to payout at claim stage.
How much does life insurance cost?
The cost of a life insurance policy can vary dramatically depending on several main factors which can have a big impact on your premiums. They key elements which will determine the pricing of a life insurance policy are:
- Sum assured (amount of cover in £’s)
- Term of life insurance policy (years)
- Type of life insurance cover (e.g. Family, Mortgage or Whole of Life)
- Medical history
- Health (e.g. BMI, Smoker status, alcohol intake etc.)
- Other risk factors such as extreme sports or dangerous jobs
*FACT: Statistics show that most people think that life insurance is roughly four times more expensive than it actually is… life insurance might be a lot cheaper than you think!
£50 Amazon Vouchers when you buy Life Insurance from iam|INSURED
Iam|INSURED guides to life insurance
- introduction to life insurance
- Mortgage life insurance
- life insurance for parents
- joint and single life insurance
- life insurance for mortgages
- medical conditions life insurance
- life insurance for businesses
- types of life insurance
- buying life insurance
Talk to an adviser
Our team of highly skilled and vastly experienced advisers will help you to get the right cover to suit your needs at the right price.
Life insurance can be extremely confusing and can appear to be a difficult application process so we’re here to make it easy for you.
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Life insurance underwriting
A life insurance policy is generally underwritten at the point of application to ensure that the correct premium is applied to based on your current and historical individual situation. Some of the main factors that will be taken in to account when underwriting any life insurance policy are:
Life insurance underwriters are trained to assess each application based on their own criteria to quantify the level of risk relating to that individual. If the risk is considered to be higher than normal then there will generally be a premium loading applied to that particular life insurance policy to justify the additional risk.
Life Insurance for pre-existing medical conditions
iam|INSURED also specialises in helping people who have pre-existing medical conditions and are looking for life insurance. If you are looking for pre-existing medical conditions life insurance then you should speak to an expert or specialist adviser who knows how technical medical underwriting works.
Pre-existing medical conditions life insurance:
Our team of experts will guide you towards the most suitable life insurance provider for your medical condition to get you the best cover and help to reduce your premiums.
Life Insurance for hazardous occupations
iam|INSURED specialises in working with people who have an occupation that is classed as hazardous or dangerous to help them find affordable life insurance to protect their family, homes and businesses. If you have a job that is classed as high risk such as working at heights, construction, off-shore or working with hazardous substances then you should speak to an adviser with experience in dealing with people with similar circumstances.
Dangerous occupations life insurance:
Speak to one of our expert life insurance advisers to find out more about what we can do to help you protect your family, home or business at the right price.
Life insurance for hazardous activities
iam|INSURED is a non-standard life insurance expert and therefore we have experience in dealing with and helping people who take part in extreme sports or hazardous hobbies. If you have a dangerous hobby or if you take part in amateur or professional extreme sports then you should speak to someone who knows more about which life insurance underwriters are better for you and your circumstances.
Extreme sports life insurance:
Our team of life insurance experts has experience in dealing with people who take part in extreme sports and hazardous hobbies so will help guide you to the best insurance provider for what you do.
Other types of cover
- Critical illness cover
- Income protection
- Funeral Plans
- Over 50’s life insurance