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What is Life Insurance?
Life Assurance companies offer two forms of Life Insurance or Life Cover as it’s sometimes called.
The two types are Term Assurance and Whole of Life insurance.
1. A Term Assurance policy will pay a cash lump sum (tax free) should the policyholder die during the fixed term of the policy.
2. Whole of Life insurance is basically what it says, it is insurance for the whole of the policyholders life
.
What can Life Insurance do for you?
The benefit of having Life Insurance is based largely on your financial circumstances with regards to your dependents as well as peace of mind for yourself. Peace of mind knowing that should you die, with Life Insurance, your surviving partner or dependents can have an income or pay off a debt such as a mortgage.
Do I need life insurance?
Only you can decide whether you need Life Insurance but in the main, most decisions are based on whether surviving relatives or dependents would suffer financially in the event of your death.
For many policyholders, having Life Insurance in place provides comfort in the knowledge that should they die, especially if they are the main earner in the family, the surviving dependents will have some money to take care of them.

How does Life Insurance work?
Term Life Insurance Policies will provide a tax free cash lump sum if you should die during the fixed term policy period.
Whole of Life Insurance policies will pay out in a series of payments which again are tax free. Both methods of payment can be spent or put to use how you choose.

How much Life Insurance cover should I have and how much would it cost?
There are a number of factors determining how much your premiums would be and for how long, in terms of fixed Term Assurance life insurance, you would take out a policy for. Some factors are, whether male or female, age, how long the policy is to be for, your health and if a lump sum is required, how much, are all important when calculating premiums.
Generally, for Term Assurance, insuring your life for between 5 & 10 times your net annual salary is the norm. Most Life Insurance policies are taken out for between 10 & 25 years.

Would I be able to increase my cover due to inflation?
Most people find that as they grow older, their liabilities wane and therefore they can afford to lessen the amount of cover required. However, both term assurance life insurance and Whole of Life Insurance can be index-linked to inflation.
Premiums for Term Assurance policies can be guaranteed for the full policy term but generally, Whole of Life policies are only guaranteed for 10 years but recently some of these have guaranteed premiums for life.

More Life Insurance questions?
Should you require any more information about Life Insurance, call us on 0800 068 5801 and our helpful, knowledgeable and polite staff will be only too happy to help

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