Life Cover Explained

Life cover available from as little as £5 per month, compare online and get a quote in minutes.  For more information or to get an answer to any questions you have give one of our mortgage experts a call now on 01233 512170.

Life cover is an essential cover for most families today, especially those with a mortgage or financial dependents whether they be children a spouse or other family members.

You pay an insurer a monthly or annually premium and in return they provide you with an amount of cover which will be paid to your estate in the event you die during the term of the policy.

There are a few options with life cover policies and the benefits offered vary by insurer so it’s worth getting independent advice when choosing an insurer, remember as with most things in life cheapest is not always best. Our advisers can help understand what cover would be suitable for you and recommend a suitable insurer.

Stamp Duty Extenstion

Key Features

  • You can buy cover for any amount.

  • Cover can decrease over time to protect a repayment mortgage.

  • You can buy a policy for more than one person, ideal for couple wth children or a mortgage.

  • Premiums can start from £5 per month with discounts for non-smokers.

  • Premiums can remain the same throughout the policy term.

  • Additional benefits are available.

Key things to consider when choosing a critical illness insurance policy

Terminal Illness

Most insurers offer this benefit which is designed to pay you a lump sum if you are diagnosed with a terminal illness during the term of the policy. There are restriction at which point this can be paid so speak with our team of advisers to find out exactly what you will be covered for

Term of the policy

How long with you need the policy for, are you covering a mortgage, are you protecting children until they leave home or finish university or maybe you want a policy to provide a lump sum to your estate for your entire life. There are restriction on how old you can be when you take a policy out and when the policy ends.

Level or Decreasing

Life insurance can be bought either as a level term policy or a decreasing term policy.

A level policy is usually taken to provide protection when you have a fixed cost such as an interest only mortgage or it can be used to provide a fixed lump sum for your estate if you know how much you want to leave.

A decreasing policy is mainly designed to protect a repayment mortgage, as the mortgage balance decreases so does the life cover. One benefit of decreasing life insurance is that the premiums are cheaper than with level life insurance because the amount of cover decreases throughout the policy term

Premium Protection

This benefit is an added benefit offered by most insurers, it is designed to ensure should you be unable to work due to illness or injury that you can still maintain the premiums of the policy and therefore there will be no need for you to cancel the policy. After a qualifying period the insurer will pay the policy premiums for you until you can return to work or the policy ends.

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