Life Insurance
Protect your family's financial future with a tax-free lump sum if the worst happens.
Understanding
What is Life Insurance?
Life insurance pays out a tax-free lump sum to your loved ones if you pass away during the policy term. This money can be used to pay off your mortgage, cover living expenses, fund your children's education, or anything else your family needs.
Unlike other forms of savings or investments, life insurance guarantees a payout regardless of how much you've paid in premiums – as long as the policy is active when you pass away.
Premiums are typically fixed for the life of the policy, meaning your monthly payment won't increase as you get older. The younger and healthier you are when you take out a policy, the lower your premiums will be.
Options
Types of Life Insurance
Level Term Life Insurance
The payout amount stays the same throughout the policy term. Ideal for providing a fixed sum to cover debts or leave an inheritance.
Ideal for: Leaving money for dependents, covering funeral costs
Decreasing Term Life Insurance
The payout decreases over time, usually in line with a repayment mortgage. Premiums are typically lower than level term.
Ideal for: Covering a repayment mortgage
Joint Life Insurance
Covers two people under one policy. Pays out when the first person dies. Often more affordable than two separate policies.
Ideal for: Couples with a mortgage or dependents
Family Income Benefit
Instead of a lump sum, provides a regular monthly income to your family until the end of the policy term.
Ideal for: Replacing your salary for ongoing expenses
Is It For You?
Who Needs Life Insurance?
Mortgage Holders
Protect your family from inheriting debt if you pass away
Parents
Ensure your children are financially secure
Main Earners
Replace lost income for those who depend on you
Business Owners
Protect partners and fund buy-out agreements
Couples
Help your partner maintain their lifestyle
Anyone with Debt
Prevent debt from passing to loved ones
Planning
How Much Cover Do You Need?
A common rule of thumb is to have cover worth 10x your annual income, plus any outstanding debts. Consider:
- Outstanding mortgage balance
- Other debts (loans, credit cards)
- Years until children are financially independent
- Ongoing living expenses for your family
- Future costs (university, weddings)
- Funeral expenses
Costs
What Does It Cost?
Premiums depend on age, health, smoking status, and cover amount. Here's a rough guide:
Under 35
£5–£15
per month for £250k cover
35–50
£15–£35
per month for £250k cover
Over 50
£35–£80+
per month for £250k cover
*Estimates only. Actual premiums vary based on individual circumstances.
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