In the UK, over 5 million people now have Life Insurance. Life insurance provides peace of mind for your loved ones after you’ve gone. It ensures that your family can keep the home they’ve grown up in or that your children can go to university, even if you’re not around to help with the expense.
While it is common to get a new policy after a major life event, such as having a baby or moving house, it’s always a good idea to invest when you’re young and healthy as the premiums could be cheaper. Compare By Review makes it easy to compare life insurance quotes by ranking each provider on customer reviews, so you know exactly which policy is best for you.
Frequently Asked Questions
What Is Life Insurance?
A life insurance policy pays out a sum of money to your family when you pass away. Your partner, your children or anyone else who depends on you financially could be a beneficiary. While life insurance is not a legal requirement, it is definitely something worth investing in to ensure your family are well looked after in the event of your death. Taking out a policy gives you peace of mind that financial commitments, including your mortgage, childcare costs, and even funeral expenses, are covered.
What Types Of Insurance Are Available?
There are currently two types of life insurance cover on the market: level term insurance and decreasing cover insurance.
- Level-term insurance means your cover is for a particular period of time (10 or 15 years). However, if something was to happen after that time, you wouldn’t be covered by the policy.
- Decreasing cover insurance is designed for people whose protection needs to decrease over time. For example, if you’re a homeowner, the amount you owe on your mortgage decreases and the cover amount you might need in the event of your death will reduce.
Which Life Insurance Is Right For Me?
The average cost for a life insurance policy is £7 a month, but this all depends on the level of cover you want. Getting the right life insurance policy for you will depend on the type of insurance cover you take out – whether level term, joint life, over 50’s or whole life – and the amount you would want paid out when you pass away. A Life Insurance policy protects your families finances in the event of your death. There are currently four main types of cover to choose from:
- Level-term: This policy will leave a lump sum when you pass away. Level term policies are commonly chosen by those looking to provide protection for financial commitments such as childcare costs or maintaining your loved ones’ lifestyle.
- Joint life policies: Joint Life Policies are good for couples who share financial commitments. While these can be cheaper than two separate policies, it’s worth remembering that joint life policies end once the first partner passes away
- Over-50s plans: This policy tends to offer a smaller payout to cover things such as funeral expenses. The premium on over 50’s life insurance is guaranteed for life and usually won’t require a medical exam as most are calculated on statistical risk
- Whole of Life Insurance: Whole of Life Insurance policies cover you for life. They can be invaluable if your health deteriorates as your premium won’t be affected. However, these policies are often more expensive than other policies.
Why Compare Quotes With Compare By Review?
Whatever your age, it’s always a good time to start thinking about life insurance. It certainly pays to be insured, especially when you’re young. At Compare By Review, we know how important it is to find the right protection plan, that’s why we analyse thousands of real customer experiences to provide a simple, impartial comparison of life insurers so you can purchase the right policy that works best for you.