What is Life Insurance?

Life insurance pays out a specified amount of money if the person insured dies. Cover is often taken out to provide for loved ones or to pay off a mortgage in the event of death.

Do I need life insurance?

If you are the main income in a household or have dependants Life Insurance may be for you, for an agreed monthly premium, the policy will pay out of death to your beneficiaries. Its certainly not a nice subject but imagine how your loved ones would cope financially if you weren’t around.

How much cover do I need?

The answer depends entirely on your circumstances. You may be purchasing your first property and have no dependants, or you may have a larger mortgage and perhaps two children may want to provide cover to pay off the mortgage, cover the costs involved in raising children and provide for their surviving spouse/partner.

I'm not at work. Can I still get life insurance?

You can still take out life insurance without any restrictions even if you’re not at work. If you were applying for a particularly large amount of cover an insurer might ask the reason behind the level of cover.

When will my policy start?

This depends on the details you give us when you apply. If your application is accepted immediately you can start your policy straight away or at any time in the next 30 days. This is called on risk.

You may need to provide an insurer more information about a medical conditions, they may write to your GP and this can cause a delay.

Can I put my policy in trust? What does this mean?

Yes you can put any life insurance policy in trust at no additional cost.

What happens if I stop paying my premiums?

If you do not pay your premiums the policy will lapse and you will not be covered.

Can I increase my cover or change the term of a policy after it has started?

Some insurers let you increase your cover after a specific event. For example if you moved to a new house with a larger mortgage they might be able to take this into account and increase your cover. If you want to make a change to your policy and you’re not sure if you can please contact us.