Term life insurance UK
Affordable cover for your dependants
What is term life insurance?
Term life insurance is the most basic form of life insurance. It enables you to choose how much and for how long you want to be insured for and is available in three different forms:
Level term life insurance pays an agreed sum of cash to whomever you choose. The amount your dependants receive therefore remains the same if you pass away during the term of your policy.
Decreasing term life insurance is generally used to cover a large debt such as your mortgage. As the amount you are covered for decreases in line with the debt, this type of cover is often cheaper. But if your family rely on your income, it is important to consider whether the amount you leave will be enough for them to sustain their lifestyles.
Increasing term life insurance enables you to leave more for those that matter most. This is because the amount of cover you choose increases in line with the term of your policy. So, if you pass away towards the end of your policy, your loved ones will receive a much larger pay out.
How much term life insurance do I need?
The amount of term life insurance you need will be based on your requirements and how much you can afford to pay. If you do not have any dependants and just want enough cover to pay off your mortgage, then a level term or decreasing term life insurance policy should be sufficient. But if you have a family who heavily rely on your income, then you will need to think further ahead.
Any large debts such as your mortgage including everyday living expenses, will still need to be paid if you have an accident, are diagnosed with a critical illness, or pass away. It is not something we want to think about but need to plan for, which is where we can help.
Cost of term life insurance
Term life insurance is generally the most affordable type of life insurance and will enable your beneficiaries to pay off a large debt such as your mortgage at the very least. But, as a term life insurance policy only pays out when you die, you will not be protected if you become ill or are diagnosed with a serious illness and find yourself unable to work.
It is important to have a plan in place and we can help you get the right level of life cover for your needs at an affordable price. So, you have peace of mind knowing that your loved ones are protected.