Life Insurance

What is Life Insurance?

Life Insurance is a policy that is taken out to cover and protect your loved ones financially if you pass away. Your family will receive a payment which will contribute to mortgage payments, debt, funeral costs and other essential expenses, such as household bills.

The money that is paid out to your family is dependent on a range of factors, starting with the type and level of life insurance cover you take out.

How does life insurance work?

There are many UK life insurance providers that offer varying life insurance - this includes different costs, length of policy and terms included.

It is useful to know how life insurance works - from its cost, to who it affects, to what it actually entails.

What does life insurance cover?

Life insurance is designed to support families and dependents when a loved one passes away, as this can often mean significant financial burdens are left to them.

The specifics of what life insurance covers does and does not cover is dependent on the insurance provider - so make sure to check this in your policy documentation.

If you have an illness or a disability, life insurance will not pay out. However, critical illness cover is a product that does cover this. Life insurance and critical illness cover is often combined by certain insurance providers.

How is life insurance paid out?

As with most elements of life insurance, who the payout is given to is usually dependent on the terms and conditions of your policy. However, you will typically be able to choose who the money goes to when you pass away by selecting a beneficiary.

With joint life insurance, the money will go to the surviving policyholder, unless you have arranged otherwise.

While lump sum payouts are the simplest and most common type of insurance payout, there are other options in how loved ones can receive a life insurance payout. Instalments can be made in a range of timeframes, including monthly, quarterly, annually or payments every five years.

How much does life insurance cost?

The cost of life insurance premiums are dependent on a range of factors - when applying for life insurance, providers will ask you for more information about yourself.

The main factors that they will consider when deciding the total cost of life insurance:

• Age
• Lifestyle
• Health
• Family medical history
• Occupation
• Smoker status
• Length of cover
• Amount of cover

To find out how much life insurance could cost you, start your free online quote - I'm Insured will compare insurance providers across the market to find you the best price and the most suitable cover.

What life insurance can I get?

There are a wide range of life insurance products available on the market with a number of companies providing insurance. It can feel like a difficult task trying to navigate these products and providers.

I’m Insured is a trusted independent broker; as a company, we specialise in helping can you to compare life insurance quotes to find the policy that best meets your needs.

To find out what life insurance is suitable for you and your family, or if you're curious about how much life insurance you need, use our life insurance calculator to start the process.

Can I get life insurance if I have a medical condition?

Having a pre-existing medical condition will not prevent you from finding life insurance, there are many insurers that will provide great cover for you. However, it is important to be mindful that this can increase the cost of life insurance, though not in every case.

If you have a medical condition, it is likely that you will need to disclose more information to your insurance providers. If your claim is related to a pre-existing medical condition, the policy can be voided - so it's important to keep your insurers up to date with any conditions you have.

I’m Insured have years of experience in helping people with a wide range of medical conditions to find the best life insurance cover for them - from diabetes, to mental health conditions such as depression to cancer and even coronavirus.

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