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Life Insurance

Life Insurance

LOOK AFTER YOUR LOVED ONES

Get Life Insurance
  • Get insurance that fits your age, health, and job and more.
  • Connect with an expert adviser who will show you the right insurance options for you.
  • Receive ongoing assistance in selecting and managing your policy.

COMPARE LIFE INSURANCE QUOTES FROM LEADING PROVIDERS

Life insurance helps take care of your family's money needs if you're not there, making sure they have support for the future. Our partnered adviser will compare quotes to find the most suitable option for you.
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WHAT IS LIFE INSURANCE?

Life insurance is a type of policy designed to offer financial support to your loved ones in the event of your passing.

When you're no longer around, a life insurance policy can provide a lump sum payout to help clear outstanding debts, cover mortgages, and ensure your family has the funds they need for daily living expenses. Some policies even offer the flexibility of a regular income option.
While life insurance isn't a legal requirement, it serves as a crucial financial safety net, granting peace of mind during challenging times.
It's worth noting that certain mortgage lenders might require life insurance to guarantee your mortgage is settled if you were to pass away.

HOW DOES LIFE INSURANCE WORK?

Life insurance is designed to provide financial security for your loved ones in the event of your passing. If you pass away during the policy's duration, your designated loved ones will receive a lump sum, whether the policy is for a specific number of years or lasts your entire lifetime.

Application

Begin by submitting personal details like age, health, and lifestyle. Insurers will use this data to assess your risk level and determine your coverage eligibility.

Pick a Policy

Choose a policy that fits your needs, understanding its terms and the required premium payments. Ensure you make these payments regularly to keep the policy active.

Payout & Claim

In the event of your passing within the policy's term, your designated loves ones will file a claim. Once verified, they'll receive the designated lump-sum payment.

Life insurance companies paid out 96.9% of claims in 2022

According to the latest figures from the Association of British Insurers (ABI), with an average life insurance pay-out of £73,578
Source: Association of British Insurers (ABI)

DO I NEED LIFE INSURANCE?

While life insurance isn't mandatory, it can offer peace of mind by ensuring your loved ones are financially secure in your absence.

You have family members or a partner dependent on your income.

You're managing debts like mortgages, credit cards, or loans that might burden your family if left unpaid.

You wish to cover funeral expenses, alleviating financial stress during a difficult time.

You want to leave a financial legacy or support for future educational needs of your children or grandchildren.

WHAT DOES LIFE INSURANCE COVER?

Know what your life insurance includes so you're sure your family gets the money they need

Different policies offer different things, but some items are always included or left out:
What's usually covered? What's not usually covered?
Most common causes of death Pre-agreed conditions
Terminal illness Drug and alcohol abuse
Self-harm within 12-months of policy start date
Dangerous activities
Critical illness or injury
Disabilities or chronic illnesses
Undisclosed health issues

WHAT ARE THE MAIN TYPES OF LIFE INSURANCE COVER?

You can get different types of life insurance policies designed to fit your different needs and budget. CoverMe123 offers 4 types of life insurance.

Level Cover

The coverage amount remains constant throughout the policy's duration. Whether you pass away early on or towards the end of the term, your loved ones will receive the predetermined full amount.
Advantages
  • You know how much your loved ones will receive
  • Your premiums stay the same over time
Disadvantages
  • Premiums don't account for inflation
  • Typically more expensive premiums

Increasing Cover

The amount rises yearly with inflation, based on the retail price index, but won't exceed £20 million. This ensures your coverage keeps pace with the cost of living, offering consistent protection value over time.
Advantages
  • Cover amount rises, countering inflation effects
  • Can match growing financial responsibilities
Disadvantages
  • Initial premiums might be higher than level term cover
  • Increases might be capped or limited by the policy

Decreasing Cover

The amount you're covered for goes down on a monthly basis, consistent with the capital amount outstanding on a repayment mortgage paying interest at 5% a year.
Advantages
  • Premiums typically lower than level term cover
  • Suited for decreasing liabilities like mortgages
Disadvantages
  • Cover amount reduces over time
  • May not be sufficient for other long-term needs

Family Benefit Cover

The amount you're covered for will be paid as monthly income, ensuring consistent financial support during the coverage period.
Advantages
  • Provides regular monthly payouts
  • Can mimic lost monthly income
Disadvantages
  • Total payout might be less than lump sum covers
  • Premiums can be higher than traditional term covers

AM I ELIGIBLE FOR LIFE INSURANCE?

If you live in the UK and are between the ages of 18 and 65, you're on the right track.

Also, you'll need to provide truthful answers to a few queries
1
Health
This takes into accountany existing health issues, along with measurements like your height and weight.
2
Age and Occupation
Younger individuals often get cheaper policies, and the risk associated with your job affects the cost.
3
Lifestyle
Factors such as smoking, drinking, and exercise habits play a role.

OTHER TYPES OF LIFE INSURANCE

Life insurance comes in different forms, mainly as level term or decreasing policies.

These types are designed based on your personal circumstances, causing minor differences in coverage.
Joint Life Insurance
This policy covers two people, such as you and your partner. It's a cost-effective way to insure two individuals under one policy. It can pay after the first or second person dies.
Get Joint Life Insurance
Over 50's Life Insurance
Specifically tailored for individuals over 50, this policy tends to be more expensive than standard life insurance. However, it often doesn't require health inquiries, making the application process smoother for older applicants.
Get Over 50's Life Insurance
Critical Illness Cover
This insurance pays if you die or get a serious illness. It's more expensive but offers broader protection. It ensures financial support not just for death, but also for major health crises.
Get Critical Illness Cover
Whole of Life Insurance
You can get this without a health check. It might cost more and offer less coverage. It's quick and hassle-free, especially for those who want to avoid medical examinations.
Get Whole of Life Insurance

HOW MUCH DOES LIFE INSURANCE COST?

Life insurance monthly premiums vary based on individual details and chosen policy options. When determining the cost of your policy, insurance providers take into account several factors.
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    The amount of cover

    Higher coverage results in increased monthly fees. Additionally, extending the policy's duration raises the overall cost.

  • Tick

    Your age

    As you age, life insurance premiums tend to increase. This is because older individuals often face higher health risks.

  • Tick

    Your health and lifestyle

    Your daily habits, especially smoking or drinking, directly affect insurance costs. Making healthier choices can lead to more affordable rates.

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    The policy type

    Increasing cover policies generally come with higher premiums than level term. However, level term policies are typically more expensive than decreasing term ones.

The amount of life insurance you need varies based on your personal and financial situation. Check out our life insurance form to get a tailored quote that fits your needs.

Term life insurance covers you for a specific period, while whole life insurance covers you for your entire life. See which suits you the most by visiting our life insurance form

Life insurance can be very affordable, depending on the type and amount of coverage. Get a personalised quote by filling out our life insurance form

It's generally wise to get life insurance sooner rather than later. Find out the most suitable options for your stage in life through our life insurance form

Yes, there are options for people with various health backgrounds. Discover what’s available for you by completing our life insurance form

Life insurance can cover a range of financial needs after you're gone, like debts and living expenses for your family. Explore your coverage options on our life insurance form

Life insurance is a key part of planning for your family's future. If something happens to you, it ensures they have financial support. This can help cover daily living costs, pay off debts, or even fund your children’s education. Fill out our life insurance form to get a quote.

Choosing a beneficiary is an important decision. It should be someone who would need financial support after your passing, like a spouse, children, or other family members. Consider their future financial needs and how the policy can best support them.

Yes, smokers can get life insurance, though rates may differ. Get a quote for you by filling in our life insurance form

Missing a payment can have implications for your policy. For specific information on this, please talk to a financial advisor.
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HOW COVERME123 WORKS

At CoverMe123, we are dedicated to connecting you with our partnered expert adviser for your insurance needs. Our role is to bridge the gap between you and the experts, ensuring a smooth and efficient process. It's important to note that while we do not provide financial advice ourselves, we excel in guiding you to those who do. Here’s how our process works:

  1. Information Gathering: Fill out our online form with the details of the insurance you're seeking.
  2. Secure Handling of Your Data: We ensure the confidentiality of your information, using it solely to connect you with our partnered adviser.
  3. Connecting You with Adviser: Your information is passed on to our partnered adviser, who will then reach out to you for a detailed discussion.
  4. No Obligation Consultation: You are free to the policy that best suits your needs, without any obligation.

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