What is life insurance?
Life insurance (sometimes referred to as life assurance) pays your dependants a cash lump sum, or sometimes a regular payment if you die during the policy term. It can also pay out if you become critically or terminally ill.
It is designed to provide you (the policyholder) with the reassurance and peace of mind that should the worst happen, your dependants would be financially protected.
The amount paid out to your beneficiaries depends on the level of cover purchased. You decide how it is paid out and whether the sum assured needs to cover specific debts, such as paying off the mortgage.
Protect what is precious to you with life cover
Perhaps you are thinking about taking out life insurance for the first time after the death of a relative, the onset of illness or a landmark birthday – anything that has made you feel a little bit more mortal.
All kinds of incidents can remind us that the world can be a dangerous place, that life is precious and should be protected.
But finding the right life insurance cover can be daunting. We hear many stories from people who find the whole experience so overwhelming that they do not see the process through and their families suffer for it later.
Our primary aim is to make your life insurance experience as easy, affordable and hassle-free as humanly possible.
Benefits of life insurance
Life insurance helps ensure that the people closest to you are taken care of after you are gone. It helps reassure all of you that, should the worst happen, everything’s going to be okay.
The people you have asked for the money to be paid out to can use it as they wish. Common uses include:
- Paying off a mortgage debt
- Meeting funeral costs
- Replacing an income
- Paying for day-to-day living expenses
- Funding the children’s education
- Providing an inheritance for children/grandchildren.
If a feeling of vulnerability makes you consider life insurance, taking a policy out brings peace of mind and a sense of security for both you, the policyholder, and your family.
We believe making long-term provisions for your partner and/or children is a truly heroic act. The act of someone who truly cares about those they might leave behind. You could obtain cover for as little as 20p-a-day.
Important things to consider when choosing your life insurance policy:
- Term – how long do you want cover for?
- Amount – how much do you want to be covered for?
- Cover – under what circumstances do you want the insurance to pay out?
- Payment – how would you like it to be paid to those you leave behind?
The above are also some of the key factors that influence the price you pay for your life cover, (known as your premium).
Use our Reassured website to learn more about the different types of cover available; including mortgage life insurance, family life insurance, over 50s plans, critical illness cover and impaired risk.
The best way to secure the perfect policy at the right price is to compare multiple quotes or use the services of a broker to do this for you.