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Getting the best life insurance to protect your family can be the most important financial decision you will ever make.

Life insurance will provide your family with financial protection and security if you die during the policy term. It gives you peace of mind that your family won’t suffer financially if we’re no longer around.

Let’s get started and answer some of the most common questions that people ask about getting life insurance to protect their family.

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60-Second Summary – Life Insurance Guide 2024

Life Insurance is the best and easiest way to provide your loved ones with financial protection in the event of your death. It can be simple and easy to get the best life insurance policies with the help of an independent life insurance expert.

  • Many people wrongly believe that life insurance isn’t worth it because it won’t pay out – but this really isn’t true. In fact, insurers pay out around 98% of life insurance claims on average.
  • There are several types of life insurance to choose from including term life insurance, whole life cover and over 50s life insurance. You should choose the type of life insurance that feels right for you and your situation.
  • Life insurance is usually fairly flexible and allows you to choose the amount of cover you need (£s), how long you want to be covered for (policy term) and any extra benefits to add on (e.g. critical illness cover).
  • If you have ever struggled to get life insurance in the past, this doesn’t need to be the end of the road. Our team are experts in life insurance for pre-existing medical conditions, dangerous hobbies and high risk occupations, so we know exactly which providers work best in every situation.

Life insurance is a contract between you (the insured) and a life insurance provider that provides your family with a lump sum pay out if you die.

If you were to pass away then you can decide to leave a lump sum to your loved ones that can be used to pay off your mortgage or any other debts. You can also leave some money behind for your family to give them a lifestyle and to ensure that they don’t suffer financially.

How do I get a life insurance quote?

We have made getting your life insurance quote easier and quicker than ever before. Simply fill in a quote form and one of our highly skilled insurance experts will get back to you. To find you the best possible pricing, we will need information such as:

1. Your age and occupation – how old are you currently (premiums are lower for younger people) and is your job dangerous

2. Amount of cover and term – how much cover do you need to protect your loved ones and over what period (how many years)

3. Partners information – if your application is for joint life insurance (you and your partner) then provide your partners’ details

4. Health and lifestyle – do you have any pre-existing medical conditions and do you have any lifestyle disclosures (e.g. smoking, alcohol, and activities)

Our life insurance partners include:

Can I have life insurance?

Many people are put off applying for life cover because they don’t think that they will be able to get it. The 2 main criteria for getting life cover are:

  • Are you over the age of 18?
  • Are you a UK resident?

As long as you live in the UK with a UK bank account and you are over the age of 18 years then you can apply for life insurance.

If you need more help or information about life insurance then you can speak to one of our friendly team of experts by calling 0800 009 6559.

Life insurance is the #1 way to give yourself peace of mind, knowing your loved ones are well protected financially.

We’re extremely proud to be the UK’s #1 rated life insurance experts thanks to our AMAZING customer rating of 5.0 out of 5.0 stars on Feefo.

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Rated "Excellent" 5 out of 5

"This company went above & beyond to get me cover even though I have MS, I am very happy I managed to get cover, Amazing staff, Dean went above & beyond, I highly rate this company."

by Elizabeth Turner-Long - 9th August 2023

You can contact us to speak to one of our SUPER FRIENDLY specialists and get the BEST life insurance in the UK to protect your family for less. We are constantly reviewing our insurance partners to make sure that we give you the most competitive premiums.

  • Price Match Promise
  • FREE expert advice
  • No obligation
  • FREE policy Trust service
  • 100% customer rating

Getting cover with our EXPERTS is quick and easy, and we also have over 20 years of expertise in helping people with:

  • Pre-existing medical conditions
  • Dangerous occupations
  • Hazardous activities and extreme sports

The best life insurance for you will depend on your circumstances and what you need the cover for. There are two main types of life insurance that are designed to protect a mortgage (your home) or your family.

Family life insurance (Level Term)

Level term life insurance is also known as ‘Family life insurance’ because it is specifically designed to pay out a lump sum to your loved ones.

If you die during the term of the policy then your family will receive a cash lump sum which is guaranteed to stay the same throughout the term of the policy (hence the name ‘Level’).

Always stays the same so you can budget for your pay outCan be more expensive than reducing cover premiums
Simple financial protection for your familyInflation is not considered unless added to cover
The best way for you to have peace of mind that your family is protectedOnce the policy has ended then cover will cease

Mortgage life insurance (Decreasing Term)

A mortgage life insurance policy is specifically designed to protect a ‘Capital and Repayment’ mortgage and should only ever be used for this purpose.

Your cover amount will reduce roughly (not exactly) at the same rate as your mortgage, so your mortgage will be paid off if you die. This means that your family home will be left with no mortgage debt for your family to worry about paying.

Premiums will be lower than Level Term coverAmount of cover reduces over the term of cover
Protect your mortgage and your family homeNo additional cover for your family (just mortgage)
You can cover more than one mortgage (multiple properties)Needs to be reviewed if you remortgage

When looking for life insurance there are a few options to choose from, and the right choice will depend on each person.

We can help you find the best rates and deals for many types of life insurance including:

No matter the type of life insurance you need, our specialist advisors can help and support you every step of the way.

SAVE up to *34% on your insurance when you compare quotes with iam|INSURED

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Some people get confused about what life insurance actually is and why they should have it because it’s not always clear.

Two of the biggest and most common reasons for taking out a life insurance policy are:

  • Protect your family – give them a lump sum if you die to make sure that they don’t suffer financially if you’re not around.
  • Protect your home – you can use a life insurance policy to pay off your mortgage or any other debts secured on a property that you own.

Most people will consider taking out a new life insurance policy when they take out a new mortgage or have a baby. These are two of the most common points in your life when you might think about reviewing life cover or looking for a new policy.

Some of the other common reasons for taking out life cover are:

  • Business protection – you can take out life cover to protect a business or for protecting people in your business.
  • Tax liabilities – most people don’t think about life cover for tax reasons, but a tax bill is like any other debt and can be protected against.
  • Funeral cover – the ever-increasing costs of funerals are leaving some families with a difficult decision, but life insurance can cover this and take the pain away.

How does life insurance work?

One of the most confusing parts about life insurance is understanding how it actually works and what it does.

Ultimately, insurers will pay out a cash lump sum to your family if you die, or if you’re diagnosed with a terminal illness. You just need to think about how much cover you would like to leave and how long you need to take cover.

How much life insurance do I need?

Think about what you would want to leave to your family if you were to pass away and how they would be impacted financially. For example, do you provide an income to your family or are you responsible for caring for your children?

Things to consider when you take out life insurance

  • School fees and children’s future needs
  • Mortgage amount
  • Your income
  • Debts and other outgoings

Most life insurance policies have what’s known as a ‘term’, which is a period of time that cover will last for. How long would you want this policy to last for, such as up to when you retire, or when your children are no longer financially dependent.

Some of the most common terms will be based on:

  • Mortgage term (how long is left on your mortgage)
  • Retirement age
  • Dependent children (when will they no longer be dependent)

Is cover just for me or is it for my partner as well?

You can also take out life insurance on a single-life or a joint-life basis, which simply means that you cover 1 or both parents. Not everyone’s situation is the same so there are other possible circumstances, but this is the most common.

Joint life insurance is a popular option for people in a committed relationship and isn’t for married couples only. You should think carefully about whether 2 single policies or 1 joint policy will work best for you and your own situation.

How do I compare life insurance quotes?

You can now get a life insurance comparison online with our FREE QUOTE TOOL so you can quickly and easily figure out what coverage is best for you.

How do I buy affordable life insurance?

The beauty about life insurance is that it’s extremely flexible, so you can get life insurance to suit your needs and your budget.

Some of the main things that you’ll need to consider before you apply for life insurance:

  • Buy cover while you’re young – premiums for life insurance are always lower for younger and healthier people, so don’t put it off
  • Healthy lifestyles – people who are active and have healthier lifestyles will generally pay less for life insurance
  • Smoking and drinking – two of the things that can have a significant impact on your premiums are nicotine and alcohol
  • Find the best deals – you can shop around to find the best life insurance deals and compare premiums from different insurers
  • Term life insurance – it is generally much cheaper to take out a term life insurance policy compared to a whole of life policy
  • Medical history – be as open and as honest as you can be about your medical history so you can get an accurate premium
  • Regularly review cover – people often forget to review their life cover at major points in their lives, such as moving home, having a baby, marriage, or divorce

Other insurance policies

Life insurance is a great way to protect your home and family – in fact, it’s the best way! But there are other forms of insurance that can also be helpful to have. We can help you find the best rates for other policies including:

Useful resources

Finder.com – Life insurance statistics

Statista – Life insurance industry in the United Kingdom (UK)

iam|INSURED – Frequently asked life insurance questions

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Is it worth paying for life insurance?

Yes, if you’ve got children or financial dependents then you should have life insurance to protect them if you die. Martin Lewis and the Financial Conduct Authority recommend that you take out life insurance to protect your family and your home. Generally, life insurance premiums start from as little as £5 per month and will be cheaper for younger adults.

Common myths about life insurance:

  • Life insurance won’t pay out (pays out 98% of claims)
  • People with medical conditions can’t have life insurance
  • Life insurance is expensive
  • Savings can be just as effective as life insurance
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Is life insurance worth it? - iam|INSURED

What is the average cost of life insurance per month?

Based on recent research carried out, the average cost of life insurance is approximately £38 per month and the average level of cover is £152,000. Life insurance premiums also vary dramatically from one insurance provider to another and you can reduce your monthly premiums by shopping around.

Fundamentally, life insurance premiums vary depending on your age, health and the amount of cover that you need, starting from as little as £5 per month. You can also get life insurance to protect your family and your home against financial loss if you die.

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https://www.iaminsured.co.uk » guides

Average cost of life insurance - iam|INSURED

What does life insurance cover you for?

Life insurance is a monthly renewable ‘term insurance’ contract that pays out a cash lump sum or regular payments on death to your family or beneficiaries. Policies are most commonly used for family protection or mortgage protection for your loved ones if you die and your household income reduces, plus the additional issues of losing a parent or carer.

Traditional life insurance will not exclude any pre-existing medical conditions and will cover suicide after 12 or 24 months. You can also use life insurance for business protection purposes as well as tax-efficient business life insurance for directors or key people.

What are the disadvantages of life insurance?

The biggest and most common problem that consumers have with life insurance is the cost and the monthly premiums. This is the top reason for policy cancellations and why more people don’t take out life insurance to protect their family.

Another key disadvantage with life insurance is that it holds no investment value, nor can you cash it in. Life insurance works like any other traditional general insurance policy (e.g. car insurance, house insurance, pet insurance etc.), you pay a monthly premium and it will pay out in the event of a claim. Some people decide to use savings instead of taking out life insurance but you need to make sure that you have sufficient savings to cover the costs of death for your family.

Why do I need life insurance?

The fact is that nobody actually ‘needs’ life insurance, but it is strongly recommended that families and couples have cover to protect their loved ones in the event of death. Martin Lewis recommends life insurance and says “this is something that every parent, partner, or person with any other type of dependent needs to consider”.

Life insurance financially protects your loved ones if you die and pays out a cash lump sum to repay your mortgage, pay for school fees, replace lost income, and pay for regular outgoings. Mortgage life insurance is not linked to your mortgage debt so you can use it to pay off some or all of your mortgage.

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We are dedicated to providing the best outcomes that we can and access to the best insurance solutions in the way that our customers want or need. We understand that everyone is totally unique in how they want things done and their own individual circumstances, which is where our totally unique approach to financial protection is driven from.

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With nearly three decades of expertise and established with a commitment to excellence in everything that we do. We have been a trusted partner for thousands of families, individuals and businesses, all with one common goal of looking for the best protection solutions.

Our Mission: To provide easy access to fair pricing, affordable protection and the very best financial security to families and individuals. We are dedicated to offering comprehensive insurance solutions that safeguard the well-being of our policyholders. Guided by integrity, transparency, and a commitment to excellence, we strive to empower consumers and families to face the future with confidence. Our mission is not just about policies; it's about protecting dreams, ensuring legacies, and being a trusted partner on life's journey.

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