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What is life insurance?
Life insurance is a financial contract between you and an insurer.
You pay monthly premiums and, if you die while your policy is active, the insurer pays a lump sum to your chosen beneficiaries.
The payout can help cover:
- Mortgage repayments
- Household bills
- Existing debts
- Family living expenses
Life insurance payouts are usually free from income tax and capital gains tax, although Inheritance Tax (IHT) rules can sometimes apply. Find out more about whether life insurance is taxable.
What type of life insurance do I need?
The type you choose depends on your needs and circumstances. Because they have different functions, some people choose to take out more than one type of policy. Generally speaking, there are two main types of life insurance cover:
Term life insurance
Term life insurance provides cover for a fixed period. The policy only pays out if you die during the agreed policy term.
Whole of life insurance
Also called life assurance, this provides cover for your entire lifetime. It guarantees a payout whenever you die, provided you keep up with your premiums.
Types of term life insurance
It’s more common for people to take out term life insurance, of which there are also two main types:
Level term life insurance
With level term life insurance, the payout remains the same throughout the policy. This is often used for:
- Protecting your family financially
- Interest-only mortgages
Decreasing term life insurance
With decreasing term life insurance, the payout reduces over time.
This is commonly used to protect repayment mortgages, because the outstanding balance falls over time. Although a decreasing term policy can also cover any other type of debt which gets paid off.
"Life insurance is one of those things people tend to put off because it forces you to think about the unthinkable. But that's exactly why it matters. The reality is, if someone depends on your income, a policy isn't just a financial product - it's a promise that the people you love won't face hardship on top of grief."
Do I need critical illness cover?
Critical illness cover is an optional add-on available with many life insurance policies.
Rather than paying out after death, it pays a lump sum if you're diagnosed with a serious illness listed in the policy.
So for example, it can cover you if you’re affected by certain illnesses or conditions during the policy term, like:
- Heart attack or other eligible heart conditions
- Cancer
- Stroke
A payout could be particularly helpful if the condition means you can no longer work. It could be used to help pay household bills or mortgage payments, for instance.
Adding critical illness cover will generally increase your premiums, although you might think it’s worth it for the extra peace of mind.
How to choose the amount and length of cover
The amount of life insurance you need depends largely on your financial responsibilities. It’s important to think about how much it might cost to future-proof your loved ones’ wellbeing if you’re no longer around.
You should consider things like:
- Outstanding mortgage balances
- Existing debts
- Future living costs for your family
- Childcare or education costs
The length of the policy should ideally match the period you need protection for. So think about things like:
- When your children are likely to become financially independent
- When your mortgage will be paid off
- Your partner’s retirement age
What does life insurance cover?
Life insurance is designed to reduce financial pressure on your loved ones if you die. Depending on your circumstances, the payout could potentially help with the following:
- Mortgage repayments
The money can help pay off some or all of your remaining mortgage.
- Family living expenses
The payout can help your household maintain its standard of living. This need not be forever, but just while your family or loved ones adjust financially.
- Existing debts
It could help clear things like loans, credit card balances or car finance agreements.
Can I insure myself and my partner?
Yes - many insurers offer joint life insurance policies.
A joint policy covers two people under one plan and usually pays out when the first person dies. At this time, the policy ends.
| Advantages of joint policies | Disadvantages of joint policies |
|---|---|
| Often cheaper than two separate policies, although always compare to be sure | Usually only pays out once |
| Generally administration will be simpler | The surviving partner will no longer have cover afterwards, which would mean no further payout for dependants |
Some people choose two separate single policies instead, which could provide more flexibility. It’s always a good idea to think carefully about your exact needs before you commit to a policy.
Is life insurance worth getting?
Whether life insurance is worthwhile will largely depend on your personal circumstances.
It could be especially valuable if:
- Someone relies on your income
- You have children
- You have a mortgage
- You have significant debts
Even if you don't have dependents, some people use life insurance to help cover funeral costs or leave money to loved ones. Plus for many people, the biggest benefit is peace of mind.
What can affect the price of life insurance?
Generally, younger and healthier people pay lower premiums.
There’s no fixed price for life insurance, but rather premiums vary depending on a range of factors:
- Your age
Life insurance generally becomes more expensive as you get older and your level of risk increases.
- Your health and medical history
Existing medical conditions are likely to affect eligibility and price.
- Your lifestyle
Smokers will almost certainly pay more because smoking increases your health risks.
- Length and amount of cover
Longer terms and larger payouts tend to increase the cost of a policy.
- Occupation
Certain jobs involving greater risk could lead to higher premiums.
- The type of policy you buy
Whole-of-life policies are generally more expensive than term policies.
Frequently asked questions
How do I make a claim on a life insurance policy?
Claims are usually made by your beneficiaries or family members after you die. The exact way to claim will be outlined in the documents (for example emails) sent by your provider after you take out the policy.
The usual procedure is that your beneficiaries will need to:
- Contact your insurance provider
- Complete a claim form
- Provide a death certificate
- Supply any additional documents requested by the insurer
The insurer will then review the claim before arranging payment, provided everything is in order.
If my smoker status has changed, does it affect my policy?
If you start smoking after taking out your policy, you’ll usually need to check your policy terms or contact your insurer to understand whether you need to inform them.
If you stop smoking, you probably won't see your existing premiums reduce automatically. However, after being a non-smoker for a set period – say, at least 12 months – you could potentially qualify for lower premiums. This might involve applying for a new policy, but speak to your insurance provider to be sure.
How long will it take to pay out on a claim?
Claim times will vary between insurers, and largely depend on how straightforward the claim is.
If all the information is provided promptly and there are no complications, many life insurance claims are paid within weeks, or sometimes even days. More complex claims or requests for additional information can sometimes take longer.
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