Life Insurance
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Why Compare life insurance Quotes With SimplyQuote?
SimplyQuote streamlines the process of compiling life insurance quotes, so you can get the best policy suited to your needs.
We understand that thinking about a time when you are no longer around can be difficult, which is why we aim to ease this burden. We provide a range of tailored life insurance quotes quickly and easily, allowing you to choose one that ensures your family’s financial well-being when you no longer can.
Whether you need critical illness cover or are simply wondering how much life insurance you can afford, SimplyQuote is here to help!
If you have any concerns or queries, reach out to our helpful team directly via our contact page.
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Why Do I Need Life Insurance?
If you have someone who financially depends on you or a substantial debt that could be passed on to your next of kin when you die, life insurance is a wise investment. While it is not a legal requirement in the UK, it is commonplace for the ‘breadwinner’ of the house to take out this type of insurance.
Those who are dependent on you could include your life partner, children, family members, or sometimes friends.
What are the benefits of life insurance?
Life insurance has plenty of benefits that can be often overlooked:
- It’s a financial safety net for when those you love might need it the most, providing you with peace of mind.
- Some mortgages require life insurance to ensure that the repayment can be made in the event of your death.
- It covers loss of earnings and any money lost during a period of illness before death.
- Beneficiaries don’t have to suddenly return to work after your passing due to financial worries.
Life insurance holds a lot of value for those who may need it when you’re gone. Whether it was an illness that crept up on you or a long health battle, it’s always worth having it in place
How Does Life Insurance Work?
You buy life insurance from a reputable insurance provider.
You pay monthly or annual premiums to uphold your policy’s contract. As long as these payments are made, the policy will be paid out if and when it’s needed.
When you pass away or become critically ill, your life insurance provider will pay out your policy to your named beneficiaries.
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What Is Covered By Life Insurance?
What is typically covered in your life insurance policy can vary depending on the provider; however, there are some common coverage similarities.
The information regarding what is covered in your life policy will be provided to you before you take out a policy.
This is why it is so important to compare life insurance quotes. You should assess different options and check (and double-check) that your chosen policy covers everything you and your beneficiaries may require.
Buying life insurance is an expense that needs to be taken seriously, as it may help greatly when it comes to the payout.
Here are some things most life insurance policies do and do not cover.
What is covered?
- Most common causes of death
- Disease
- Unexpected illnesses
- Cancer
- Accidental death
- Heart attack
What is not covered?
- Drug and alcohol abuse
- Pre-agreed conditions
- Undisclosed health issues
- Injuries caused by dangerous activities
- Disabilities or chronic illnesses
- Critical illness or injury
What is sometimes covered?
- Terminal illnesses
- Suicide
Despite some of these being more obvious as to why they’re not covered, it’s good to know the specifics. Ensure that when you’re comparing life insurance providers, you consider what they cover and what they don’t.
Note: If you are diagnosed with a terminal illness and your doctor has advised that you only have 12 months or less left to live, your policy may be paid out early.
Do I Qualify For Life Insurance?
Qualifying for life insurance is fairly straightforward. When you want to buy life insurance, you’ll need to apply for it. Anyone is eligible for life insurance, as long as you meet the provider’s criteria.
When you apply for life insurance, you will usually have to complete a couple of medical-related questions and undergo a health exam.
Basic details that are required include:
- Age
- Weight
- Height
- Family medical history
- Medical history, wellness and overall health
- Lifestyle and hobbies
- Finances and savings
Most will have an easy application process. However, certain factors could impact whether you qualify for life insurance.
For example, if you are deemed to be a high risk for terminal illness due to your family history, are a heavy smoker, or partake in dangerous hobbies like rock climbing, you could be denied life insurance. In this case, you might need a more specialised life insurance provider.
Note: It is important to be honest when you provide this information. If you are found to have lied, not only will you be denied cover, but you could also be flagged, impacting any other applications you make from other providers.
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When Should I Consider Taking Out A Life Insurance Policy?
When is the right time to take out a life insurance policy? It all depends on your personal circumstances and when you are financially able to do so.
We’d recommend that you take out a life insurance policy whenever you are relied upon by others, or you have a considerable amount of assets that your beneficiaries would appreciate receiving.
Here are some other scenarios when you should consider taking out life insurance:
You’re about to start a family
When you plan on having children, it’s a good idea to take out a life insurance policy. When your family expands, more people in your household will rely on you financially. The same applies when you’re about to get married.
You’re starting a new job
When you change jobs, your salary could increase, impacting your lifestyle. Taking out a new policy during this phase will ensure that your family can maintain this lifestyle when you’re gone.
You’re purchasing your first home
Your mortgage is undoubtedly one of your biggest expenses. You’ll need life insurance to cover the balance of your repayment mortgage so that the burden doesn’t fall on your next of kin.
Some don’t end up taking life insurance policies out until they’re critically or terminally ill. However, the more illnesses or conditions you have, the more limitations you’ll face when it comes to taking out a policy.
Ideally, you want to take out life insurance when you’re financially ready and in reasonably good or peak health.
How Much Life Insurance Do I Need?
How much life insurance cover is too much, and what is considered not enough? Again, it comes down to your needs and the needs of those who would benefit from the life insurance payouts.
It’s worth looking into any pre-existing medical conditions you may have, how much your beneficiaries would need after you’re gone, and the amount of any outstanding debts you have, including your mortgage.
How much life insurance you need depends partly on your current lifestyle and earnings. You may need to take out a bigger policy to cover certain costs, from mortgage payments to medical debts that could accrue from certain conditions.
How Long Do I Need Life Insurance For?
As suggested by the name, life insurance cover is usually taken out for life. However, some have fixed terms or just cover the remainder of your years. It all depends on what you can afford and for how long your loved ones will need to rely on the life insurance payouts.
The life insurance cost will influence when and for how long you take out the insurance. Ideally, you want to find a provider with affordable monthly premiums for the foreseeable future, regardless of how your circumstances may change.
What Types Of Life Insurance Are There?
There are two main term life policies on offer: level term life insurance and decreasing life insurance. These are standard when it comes to life insurance.
But how do they compare? Let’s look at them individually so you can get a good understanding of what each one offers.
Level term life insurance
Level term life insurance pays out a fixed lump sum should the policyholder die within a pre-agreed term. This can offer the financial support that your beneficiaries will need by having a specific sum of money.
This can help to plan for a time when you’re no longer around, as sad as it may sound! It’s the most common policy cover, and, once it expires, there’s nothing else that the policyholder needs to do. If it ends, you may wish to look elsewhere for additional coverage for your remaining years.
Advantages:
- Cheaper premiums: Cheaper, fixed premiums are a great advantage of this cover. These premiums won’t change, regardless of fluctuations in your state of health.
- Provides practical coverage: It’s a reasonable coverage that makes sense to implement for your family further down the line. It provides peace of mind that you’re choosing a policy where you can decide on the length.
- Coverage for specific requirements: The amount of coverage you have and the duration you choose allows you to tailor your insurance to your specific needs.
Level-term life insurance is certainly a good option if you require a general, run-of-the-mill policy.
Disadvantages
- Premiums will rise when the term expires: Once the policy term ends, you can opt to continue the coverage, but your premiums could increase substantially.
- Not a good option for older individuals or those with poor health: If you have poor health or are older, this policy might not be right for you. This type of insurance factors in your health rating, which can be impacted by your age. The same goes for your current state of health. If it’s poor, then this policy isn’t as beneficial.
- Only temporary coverage is provided: This insurance could impact your financial plan negatively. For example, you may not be in the financial position you expected to be in when the policy ends, meaning you may not be able to afford higher premiums upon renewal.
Decreasing life insurance
Decreasing life insurance (sometimes referred to as mortgage life insurance) is where the insurer’s payout will decrease over time. This is often because debts, loan repayments, and mortgage balances will decrease over time, too. In other words, there will be less of a financial burden for your beneficiaries when you die.
The policy also tends to have an interest rate cap, so it’s good to know exactly what you’ll be getting, whether your beneficiaries make a claim in 10 or 30 years.
Advantages
- The cost of premiums: The cost of your premiums will likely be more affordable as the risk for the insurers decreases month by month, year by year. This is especially beneficial if you’re on a tight budget but still want to protect your loved ones.
- Provides protection over your mortgage: If you don’t have anyone relying on you but still have a mortgage on a house, it’s a good way to protect it.
Disadvantages
- The value decreases: The most obvious downside is that the lump sum will decrease over time. While the premiums you pay will remain the same throughout the term, you will receive less value towards the end of the term.
- No maturity value: As the value of the policy nears zero, there will be no payout available to you or your beneficiaries if you survive beyond the term.
What Other Types Of Life Insurance Are Available?
There are plenty of other types of life insurance policies that are worth considering. You may even find one of these is better than having something more generic.
Critical illness cover
Critical illness cover insurance will typically pay out if you are diagnosed with a specific injury or medical condition listed within your policy. It can be added on as additional cover when you take out a life insurance policy.
It also only pays out once. When the payment is made, the policy ends.
The conditions or injuries can vary from one policy to another; however, they typically include the following:
- Heart attack
- Certain types and stages of cancer
- Stroke
- Major organ transplant
- Alzheimer’s disease
- Traumatic head injury
It’s worth taking a look at all of the medical conditions and injuries listed to help decide on the best cover provider.
If you have a family history of any of the above medical conditions, this would be a good cover to consider.
Whole-of-life
Whole-of-life insurance, otherwise known as life assurance, is a guarantee from the insurance provider that they’ll pay out a lump sum to your family whenever you die. It covers you throughout your life – provided you continue to pay your premiums.
Keep in mind that this differs from level term life insurance. Life assurance covers you for your entire life, while level term provides cover over a fixed period.
This cover is ideal if you’re looking to ensure your children’s or dependents’ financial well-being over your entire lifetime, regardless of when you die.
Death in service
Death in service insurance is offered as a benefit from the company you work for. This is a tax-free lump sum that’s provided if you die while still employed by the company. It can also be offered in circumstances where the job itself may carry a lot of risks.
Over-50s life insurance
This type of policy is specifically designed for those aged 50 and above. It helps to ensure your loved ones are left with a cash amount, that any unpaid bills are covered, or that your funeral costs are paid for.
So, if you’re a UK resident aged between 50 and 80, you’ll be able to apply for this cover.
Joint life insurance policy
Taking out a joint life insurance policy with your spouse often results in cheaper premiums compared to paying for two separate policies.
However, there is a catch: the policy only pays out once. So, when the first person dies, the policy coverage ends.
This makes it less risky and cheaper for an insurer to cover, so it’s good to weigh up your options and consider whether or not this is right for you.
Life insurance for new parents
Raising a child is expensive, whether you’re meeting general childcare costs or keeping up with the monthly bill payments. If you or your partner are relied on to bring in the income, then it’s important to look at life insurance, particularly that tailored for new parents.
With pre-existing medical conditions
For those who already have a pre-existing medical condition or any diagnosed issue, getting a life insurance policy can be a little trickier. However, some providers cater specifically to those with certain medical conditions with specialised life insurance policies.
It’s also a type of policy that’s worth considering if you’ve developed a medical condition after you’ve taken out a life insurance policy. Your needs may be catered for more effectively with this type of policy in place.
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What Is The Cost Of Life Insurance?
The average monthly cost of life insurance in the UK is around £5 to £8 per £100,000 of cover.
However, the overall cost of your life insurance policy depends on a number of factors, including your age, the type of policy you opt for, and your lifestyle.
Some policies may be too expensive, while others may offer cheaper life insurance premiums – but poor cover.
Choosing the right insurance policy is a fine balance between costs and ensuring the policy meets your personal needs.
What factors affect the cost of life insurance?
Let’s look at a couple of things that will impact the premiums you pay for your insurance policy.
Age
Your age will, unsurprisingly, influence the premiums you pay on your insurance policy. The older you are, the more expensive your payments will likely be.
When you’re young, regardless of your dependents, insurance providers will usually not need to worry about writing your loved ones a cheque any time soon. This risk is obviously considerably higher the older you are.
Type of policy you choose
The type of policy you choose will also impact the amount you pay. Adding additional coverage to your policy, such as critical illness cover, will make it more expensive.
Additionally, providers may charge more if you opt for a lump sum payment over regular monthly instalments. So, it’s worth keeping this in mind when you’re shopping around for policies.
Health condition
Your health status at the time you take out your policy will impact the overall cost. If you have a terminal illness or are at risk of getting one as you age, you won’t be approved to take out certain policies.
As a result, you may need to look into specialised life insurance cover. However, this will be significantly more expensive.
It’s a good idea to take out life insurance when you’re not at the point of a serious illness to ensure you don’t limit your options.
Note: Being a smoker can significantly increase your premiums, especially if you are looking to take out mortgage life insurance. Smokers are seen as a high risk for insurance providers due to the negative impact it has on one’s overall health.
Amount of cover you need
For some, taking out a standard life insurance policy may be enough. Others may need multiple life insurance policies or add-ons, like critical illness cover, which can raise the costs significantly.
It’s good practice to assess how much cover you need within your policy, as this can affect the monthly or annual costs you pay. You want to be insured with just the right amount of cover you need – nothing more and nothing less.
Lifestyle
Your lifestyle will be evaluated when you take out life insurance. For example, if you don’t travel much or partake in any dangerous
However, if your hobbies include driving fast cars or jumping out of planes, expect your life cover to be significantly more expensive!
How Can I Lower My Life Insurance?
Taking out life insurance to protect your loved ones in the event of your death is a smart move. However, it shouldn’t bankrupt you in the process.
The good news is that there are plenty of ways you can lower your premiums, from simply being upfront about your current health, to exercising regularly and maintaining a balanced diet.
Let’s look at some of the ways you can reduce the costs of your life insurance cover.
Be honest about your health
As previously mentioned, you should always be upfront and honest about your current health condition.
Lying about your health to an insurance provider is insurance fraud. Not only will you be denied life insurance cover from that provider when you are found out, but it could also impact your ability to receive insurance from any other provider.
Additionally, you could end up self-sabotaging the payout your loved ones receive when you do pass away.
Honesty is the best policy. Share any knowledge of underlying health conditions, critical illnesses, and family medical history. It’s better to have a life cover that offers the best coverage for you, rather than possibly not having enough because you lied.
Get cover at a younger age
Life insurance should not be something you only think about when you’re older and at more risk of serious illnesses. Taking out a policy when you’re younger is one of the best ways to keep your premiums low, since you will likely be closer to your peak health and a lower risk to providers.
Taking out a policy when you’re young and spritely will also give you more time to build up your life insurance pot.
Place your life insurance policy into trust
Placing your life insurance in a trust can be a great way to reduce your payments. It also allows for more discretion, since you are in direct control of your appointed trustees and beneficiaries.
This is a good way to protect your family against hefty inheritance taxes when leaving assets or money behind.
Setting up a trust provides your beneficiaries with quicker access to the money they are owed, as they would not need to obtain probate after your death, which can cause delays.
Consider your add-ons
Consider the add-ons you need and may need in the near future. Do you really need critical illness cover now? Or would it make more financial sense to add this further down the line?
Be sure to analyse your insurance quote thoroughly, as you may not need all the add-ons you’re being sold.
Compare life insurance policies
Be sure to compare life insurance policies, especially when choosing between level term and decreasing term life insurance. Make sure to take a look at what each policy covers and compare that to others you’re considering.
Some policies are going to be more expensive than others, while some may offer better benefits.
Maintain a healthy lifestyle
Maintaining a healthy lifestyle for as long as you can is essential when it comes to reducing your premiums. As you age and your health declines, your premiums will increase.
Staying in good shape requires a balanced diet, regular exercise, partaking in safe activities, and having annual health checkups.
Being healthy also reduces your need for additional cover or having to pay expensive premiums for dangerous activities you put your body through.
Avoid late payments
Always pay your premiums on time. By doing this, you’re going to reduce the risk of problems when it comes to making a life insurance claim.
Missing payments could affect your beneficiaries’ chances of getting the full lump sum, and they might have to jump through hoops before getting the money.
If you can, look into paying your premiums annually rather than monthly. This reduces their cost and the risk of late monthly payments.
Select the best term length
Whether you need decreasing or level term life insurance, choose the length wisely.
Level term insurance offers a fixed term, which usually has cheaper premiums. This is ideal if you only want to cover your family during a certain time, like while your children are still young.
However, your family won’t be covered once that term ends.
What Do I Need To Get A Life Insurance Quote From SimplyQuote?
To get a life insurance quote, you need to have the following information available:
- Family medical history
- Your own previous health issues
- Any pre-existing medical conditions you may have
You may also be asked to provide details regarding your lifestyle, your date of birth, and the type of job you do.
For a joint life insurance quote, you may need to provide your partner’s details too.
Frequently Asked Questions
Life insurance provides your beneficiaries, or loved ones, with financial support if you pass away. This is typically delivered in the form of a lump sum that can help pay off any debts, whether it be private medical fees, mortgage payments, or money for your family to live off.
It can also be paid as regular income, allowing consistent financial support for your beneficiaries.
With 96.9% of life insurance claims being paid out in the UK, this is a type of policy that is worth having.
Whenever you experience a major life event, you should consider comparing and updating your life insurance policy. This includes changing jobs, getting married, having kids, or buying your first house.
These changes in financial position can often improve the payout that your loved ones may receive if you were to pass.
Additionally, finding out about any underlying health conditions should also prompt you to update your policy, as you may need added cover.
You should also consider updating your policy if your listed beneficiaries change – if your children become financially independent or you get divorced, for example.
If you don’t make your life insurance payments, the policy will typically lapse before ending after the grace period. This grace period can range from one life insurance provider to another.
When you stop payments on a cash value life insurance, the cash value of the policy will be used to cover the outstanding premiums. The policy will end when the pot runs out.
It is, therefore, essential to make each payment without fail to keep your policy valid.
Of course! Any insurance policy can be cancelled; however, you’ll lose the protection and financial benefit should you be in a scenario where you need it.
If possible, you should find a new insurer before cancelling a policy. Many people find better deals by looking elsewhere, and situations can change so that the policy in place is insufficient or too expensive.
Additionally, you won’t get your money back unless you’ve cancelled during the initial cooling-off period. Any money you receive from your cash value when you cancel the whole policy will be taxed as income.
Yes, you can take out more than one policy at a time.
This could be to provide your beneficiaries with more inheritance or if you require specialist cover that isn’t provided by your current insurer.
Yes, life insurance can cover funeral costs. When your beneficiaries receive the payout, they can use this money for whatever they want, including to front the costs of burial or cremation.
According to the Association of British Insurers, UK life insurers pay out an average of £80,485. However, the exact amount your loved ones will receive will depend on your specific life cover policy.