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Life Insurance

Life Insurance Cover

Despite the delicate subject of death, there is a real need to seriously think about the future. It’s especially important if you have any family who are dependent on you, there is a risk of terminal illness, or you participate in ‘dangerous’ sports.

Take a minute to think. In the event that you are no longer around, would your family be able to support themselves financially? The truth is, no one really knows what is waiting round the corner for them. No one can predict events that could potentially jeopardise you and your family’s lifestyle, long term plans and financial stability.

Most of us have enough bills to pay and enough money worries on a daily basis, even before things go wrong. Having a Life Insurance plan in place offers a tax free sum of money if you die, to relieve the financial burden on your family.

Like many things in today’s busy world, there is a lot to think about, should you decide that you do need some sort of Life Insurance. What sort of cover do you need? Who do you need the insurance to cover? Are there any personal factors that could affect the terms of your cover?

As daunting as it is, having a Life Insurance plan in place is good financial planning for the future and a good way to expect the unexpected.

Here at Active Brokers we strive to help you find the perfect policy that does not compromise on quality for price. We’ve answered the questions our customers ask the most to help you understand what Life Insurance really is. If you’d like to talk to someone directly then don’t hesitate to call us, we can help you find a Life Insurance policy from the top insurers on the UK market, including deals and discounts that are exclusive to Active Brokers that you won’t be able to find elsewhere.

What is Life Insurance?

The purpose of Life Insurance is to provide loved ones with peace of mind, should anything happen to you. It also provides peace of mind to you, that your family will be cared for financially and will not be struggling to make ends’ meet, if the worst did happen.

Life Insurance is a policy that pays out a tax free sum of money to ease your family’s financial burden should you pass away. This cares for your family and helps to ease the grief in their lives when you’re no longer there to support them.

How does Life Insurance work?

The way Life Insurance works is through monthly payments called premiums which are the cost of taking out Life Insurance. By paying these premiums you can be sure that should you ever pass away, a sum of money is left to your family and loved ones. The amount of money you wish to leave behind will depend on how many people will benefit from it and how much you can afford to pay in premiums.

The amount of money you can choose to leave behind for those closest to you can vary anywhere from the cost of a funeral, 1x to 10x your annual salary or purely enough money to cover your mortgage to pay it off for your family.

Who needs Life Insurance?

You may think that it’s only older people, generally with families, that get Life Insurance. To an extent, you’re right. But age is not the reason for taking out Life Insurance.

People take out Life Insurance because they have family and friends relying on them; if they passed away then those people close to them would be left financially vulnerable. Hence why it is vital that if you have children, or a partner, or family members that rely on you to support them, you should take out Life Insurance so that you can leave one last gift; support when they need it most.

How much will Life Insurance cost?

Life Insurance costs will vary dramatically depending on a huge number of factors as outlined below.

But generally the most expensive type of Life Insurance is Whole of Life Assurance, followed by Over 50s, Level Term Insurance, Decreasing Term Insurance and then Family Benefit Plans coming in as generally the cheapest option available. The higher the chances of the insurer having to pay out a claim, the higher the cost of the premiums, so therefore Whole of Life Assurance has the highest premiums as the policy will definitely pay out at some point.

What will affect the cost of Life Insurance?

The exact cost of your Life Insurance will depend on a number of factors and thus is tailored around your specific circumstances and needs.

Your age, weight and lifestyle are just some of the things that can affect the exact price of the premiums you’ll be paying, but other things such as any medical conditions and dangerous hobbies will also affect the price the insurer will ask for. Generally if you smoke or lead an unhealthy lifestyle the prices will be higher and there is a higher chance that you will pass away during the period you have Life Insurance Cover for.

To cut down on the cost of your Life Insurance you should quit smoking, eat a healthy balanced diet, exercise regularly and don’t take any unnecessary risks in the future.

Are there any Life Insurance exclusions?

Most insurers will include some sort of exclusion, so it’s vitally important that you check the small print to fully understand the policy you are investing it. Some insurers will not pay out any money at all if your death results from misuse of alcohol or drugs. Suicide is also excluded on many insurers policies, meaning the insurance cannot be claimed on should you died by committing suicide. When you apply for a policy through Active Brokers we will explain all the fine details to you, making sure you are 100% confident in the insurer you buy your Life Insurance policy from.

How do I apply for Life Insurance?

You should stick to the truth when applying for a quote, if you don’t tell our advisers about any past or current medical conditions, lie about your weight or hide any dangerous hobbies, then your insurer can refuse to pay out when you go to claim on your Life Insurance because it will be invalidated. This would mean denying you support when you desperately need it, leaving you vulnerable and without a safety net.

To apply for a Life Insurance quote you need only to click below to talk to our expert advisers who have over 15 years of experience assisting clients find policies tailored to their specific needs.

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