Life Insurance questions and answers

Why do I need life insurance?

If your dependents would suffer financially in the event of your death, you could need life insurance. If you are the main earner of the family, for example, and responsible for the major household bills, the money from your life insurance can ensure that your family survives, financially at least, should you die.

How much life insurance cover should I have?

As a general guide, for normal Term Assurance life insurance most people insure their lives for between 5 and 10 times their current net salary after tax. You age is another important factor. For most life insurance policies, the minimum Term is usually 5 years and most people choose a Term between 10 and 25 years.

Can I increase my life insurance cover in line with inflation?

With both types of life insurance policy you can choose an indexation option so your cover increases with inflation. However, you might find that, as your liabilities reduce with time (when your children become independent for example), you might prefer to reduce your cover over time. The premiums you pay for term assurance plans can be guaranteed not to change during the full policy term whereas premiums for traditional whole of life plans may only be guaranteed for up to 10 years however there are new whole of life plans that allow for premiums to be guaranteed for life.

How much does Life Insurance cost?

The premium you'll pay will depend on several factors, including how much you need your lump sum to be your age, the length of the Life Insurance policy, your state of health and whether you're a man or woman. The younger you are, the longer you want the cover for and the more healthy you are, the lower your premium is likely to be.

Any more questions about Life Insurance?

If there's anything you'd like to know about Life Insurance, call us on 0800 068 5801 and our friendly and helpful staff will be happy to help.

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For a fast, free, no obligation quotation, simply fill out our short online life insurance application form

While you can claim benefits that aren't means tested, such as the state pension, other benefits such as help with nursing home fees, might not be available.

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