Most people set up life insurance policies to, at the very least, pay any off outstanding debts such as a mortgage or loan. Many people choose to provide sufficient funds to see their children through school and then university if necessary. This helps to ensure that your family is not left to struggle financially in the event of your death.
Policies covering more than one person, known as joint-life policies, are also available. These pay out in the event that either you or your partner dies during the lifetime of the policy. Life insurance companies can often combine this cover with critical illness insurance.
A life insurance plan is essentially a bet between you and the provider. Neither you or your insurer wants you to die while you're covered, but if you do at least you know your family is provided for financially. The younger you are the cheaper life insurance is and premiums are priced to reflect this.
If you're not sure about how much life insurance you need for your current situation, you should speak to an independent financial adviser. Alternatively, you can use our interactive online research tool, the Finance Navigator. Based on the answers you give to a number of targeted questions, the Finance Navigator will help you to establish your own life insurance needs. It will then produce a bespoke guidance report for you to read through to help you make an informed decision. It will also allow you to learn more about some of the most commonly used life insurance plans.
Once you have your report, you can then use our online quotation system to find some of the most competitively priced life insurance plans from a selection of major UK life insurance providers. Once you have found the right plan for you, use our 'apply online' facility.
