If you’re considering life insurance cover, you may wonder…
When applying for life insurance you can expect to answer questions about the following:
This allows insurers to calculate the level of risk you pose and, therefore, the premium price and terms you’ll be offered.
Reassured can help walk you through this process.
Whether you complete your application online, or through one of our agents, our friendly team are on hand to help you through your application.
Simply get in touch for your fee-free, personalised and no-obligation quotes.
This applying for life insurance page includes:
There are a few things to bear in mind when applying for life insurance:
Life insurance is a product designed to pay out a sum of money to your loved ones if you pass away.
In return for paying a fixed amount every month, known as a premium, you’ll be covered for an agreed amount of time.
If you pass away during this period, your family or chosen beneficiaries will be able to make a claim for the sum assured (the amount of money you’re insured for).
There are a range of life insurance products, which can make the process of applying for life insurance seem daunting.
How much life insurance is needed will also depend on your personal circumstances and situation.
At Reassured, we can cut through all the technical jargon to make things easier to understand. We can also provide fee-free, no-obligation quotes for your personal circumstances. Simply get in touch.
You’ll be asked a series of questions during the life insurance application process.
This will help insurers assess the level of risk you pose to help calculate the price you pay for your cover.
The questions asked on a life insurance application will be about:
You’ll also be asked for medical information to determine the state of your current health and wellbeing.
Information required about your health includes:
While it’s rare, if high-risk factors are flagged while providing medical information to an insurer, they have the right to request a medical exam.
Medical exams are arranged and paid for by the insurer. Typically, you’ll undergo a series of tests such as blood pressure checks, taking a blood sample and sometimes a urine sample.
Alternatively, insurers may request a medical report from your GP (although this can only happen with your permission).
The exception to this is an over 50s plan, where you’ll simply need to provide details on your age, your chosen level of cover, and (sometimes) your smoking status.
Failure to provide the correct information, or withholding details, can mean your policy is classified as invalid when you come to make a claim.
This is known as 'non-disclosure' and is a type of insurance fraud. Providers have the right to refuse a pay out if non-disclosure is discovered.
Our friendly team can help you complete your application to ensure you don’t inadvertently miss any relevant information.
The reasons you’ll need life insurance will be dependent on your personal situation.
No two people will get life insurance for the exact same reason. However, there are often common scenarios and milestones which trigger the need to take out cover.
By determining why you need life insurance, you can begin to decide upon a rough estimation of the length and amount required.
You’ll also have to consider whether it’s worth paying for a longer policy to guarantee cover or whether the premiums you’ll pay will be more than the sum assured.
The easiest way, if you’re unsure, is to talk to a life insurance broker like Reassured. Our friendly team will be able to personalise quotes for your situation and provide information to help you work out which policy is best for you.
When applying for a life insurance policy, there are four policies to choose from:
It is also worth noting about critical illness cover and terminal illness cover, which provide additional levels of cover.
Critical illness cover - Can be added to term-based life insurance for an additional cost.
This cover is designed to pay a lump sum to those diagnosed with a life changing illness which isn’t terminal. Typically, 30 common conditions are covered within critical illness cover. However, this can be more or less comprehensive depending on the provider.
You may face some exclusions based on your, medical history if you have any pre-existing medical conditions.
Providing you survive 14 days from diagnosis, you’ll receive a pay-out which can be used for additional care costs, required adaptions to your home or anything else that may make your life easier.
Terminal illness cover - This is a policy feature which is included with all term life insurances at Reassured, as standard.
This cover allows you to make an early claim on your life insurance, providing you have been diagnosed with an illness which leaves you with 12 or less months to live. Once a successful claim is made, the policy is then terminated.
This pay out can be used for end-of-life care, or in any way the policy holder chooses.
Both critical illness cover, and terminal illness cover can't be bought as standalone policies at Reassured.
However, life insurance with critical illness cover can be arranged from just £10 a month through Reassured º .
It’s now possible to buy life insurance online, meaning you can complete an application at your own pace.
It’s the same process as purchasing life insurance over the phone. The only difference is you’ll input the information yourself, instead of one of our team members.
However, not everyone will be eligible to buy life insurance online and you don’t have to if you would prefer to talk to a person.
However, if you know exactly what policy you want, you can fill in your application via our buy life insurance online page.
If you haven’t found your ideal policy yet, contact Reassured for a fee-free quote comparison.
There’s no universal answer for ‘how much is life insurance per month?’
Instead, the price you pay is dependent on your personal circumstances and the terms of your chosen policy.
When applying for life insurance, you’ll find that premiums tend to be cheaper for young adults who are in good health.
The table below depicts examples of the difference in price between life insurance policies. These quotes are based on non-smokers, in good health, for £100,000 of cover:
|Age||Level term (30-year term)||Decreasing term (30-year term)|
Whole of life insurance
Whole of life insurance is significantly more expensive. However, this is due to cover lasting for life and having a guaranteed pay out when the policy holder passes away.
Over 50’s life insurance is only available to those aged 50 - 85. The table below shows quotes for a non-smoker for £10,000 of cover.
As the level of cover you can secure with an over 50’s plan is dependent on your age, not all ages are able to secure the max sum assured:
|Monthly premium||Sum assured|
Some over 50 life insurance providers also offer a maximum premium, meaning once you reach a certain age the same premium will be charged regardless of your level of cover. In this instance, the maximum premium is £75 per month.
Premiums are higher for over 50’s life insurance for a 50 year old compared to term-based policies, despite over 50’s life insurance having a lower sum assured. This is due to the lack of medical information required on an over 50’s life insurance policy.
Therefore, it’s always beneficial to weigh up all your options to find the best policy at the right price.
Why not use our award-winning broker service to compare multiple policies to find the one with the most favourable terms that’s at a price within your budget?
For more information on the cost of cover, see our dedicated average cost of life insurance UK article »
There are certain steps you can take to ensure you secure the most affordable premium.
Your age will only increase, and occupation is a factor unlikely to be changed just for cheaper life insurance premiums. However, some circumstances can be changed.
For example, one of the best ways to reduce the price of your life insurance premiums is to live a healthy lifestyle.
Eating healthily can reduce your weight and BMI, leaving you with improved options for cover and cheaper premiums.
Quitting smoking for longer than 12 months and keeping in the recommended weekly amount for alcohol units can positively impact premium prices.
Improved health can also reverse certain medical conditions like Type 2 Diabetes to help lower your premiums. While this won’t work for a lot of health conditions, it can prevent additional complications.
Upon your passing, your loved ones can make a claim on your life insurance policy.
They’ll need to contact your provider in order to start the claims process, so it’s important they know who your policy is with.
The provider will send out claims forms which will need to be completed and sent back. Additional information, such as medical reports and/or a coroner’s report, may be required.
In the event of a successful claim, the funds from the life insurance policy will be paid out to a UK bank account.
There’s no specific time limit for a claim to be made on a life insurance policy.
If you need to make a terminal illness or critical illness claim, you’ll need to contact your insurer who’ll be able to walk you through the process. It’s likely that they’ll require documentation from a medical professional as proof.
What is the difference between life insurance and life assurance?
Life assurance refers to a policy where the pay out is guaranteed (or assured), an example of this is whole of life insurance. Whereas life insurance will only pay out if the policyholder passes away within the specified term of the policy (for example, term life insurance).
What is term life insurance?
Term life insurance can refer to level term or decreasing term life insurance. These are policies which last for a fixed amount of time, or a term.
Do you need life insurance when buying a house?
No, it isn’t a legal requirement to buy life insurance when buying a house. However, some mortgage lenders will only release funds if they can have proof there’s life insurance in place. Otherwise, if you have a family, it’s worth considering if they could afford the mortgage repayments without your income.
How many life insurance policies can I have?
You can take out more than one life insurance policy if required. However, you would be required to pay separate premiums on each life insurance policy.
What is the best time to apply for life insurance?
There isn’t a best time when to get life insurance. However, life insurance tends to be cheaper the younger you are. Many people choose to get life insurance after reaching certain life milestones, including marriage, buying their first home, and/or having their first child.
What happens if you outlive your term life insurance?
If you outlive your term life insurance, then you’ll no longer be covered if you pass away and you’ll need to secure a new policy.
When do life insurance policies pay out?
When you pass away, your loved ones will be eligible to make a claim on your policy. On receipt of a successful claim, insurers will pay out the funds.
If you have critical illness cover, the policy will pay out after a diagnosis of an illness which is listed within your policy and which meets the insurers definition.
Similarly, with terminal illness cover, the policy will pay out after the diagnosis of a life-threatening illness which leaves you with less than 12 months to live.
How long does life insurance take to pay out?
The process can take up to 30 days but is also dependent on the insurer and if the policy is contested.
Critical illness and terminal illness claims can be paid out quicker, often paying out within 14 days from proof of a medical diagnosis.
Does applying for life insurance affect credit score?
Life insurance won’t impact your credit score. As you’re not borrowing any money from the insurer, applying, getting life insurance, or missing a payment will not affect your credit.
Applying for life insurance while pregnant?
You can apply for life insurance during any stage of your pregnancy.
Not only is it likely that pregnancy won’t affect your premiums, it may also be beneficial if it has meant you have quit smoking or drinking alcohol. You’ll also be asked your pre-pregnancy weight to circumvent weight and BMI impacting your premiums.
Applying for life insurance can seem like a daunting process, but it doesn’t have to be.
Reassured can secure quotes and help you find a policy which meets your needs and is within your budget.
Reassured are FCA-regulated, and our award-winning team can compare quotes on a fee-free, no obligation basis.
We welcome any questions you may have and will support you through the whole application process.
Why not get in touch as life insurance through Reassured starts from just 20p-a-day?
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Yes very pleased with my choice very helpful easy to understand and very pleasant transaction all good!Mrs M Rushworth
Very professional and reassuring. Life insurance sorted in about 10 minutes.Stephen Davies
very courteous and friendly. Polite professional and empathic.Stedroy Fenton
Another happy customer I am. They are very professional and kind. Fully communicative. I recommend.Piotr Stepien
Really attentive during the call, good clear guidance throughout. Well done.Michael Reynolds
Amazing service quick fast and easy and Joey was a star on the phone really help me thanks.Sera Woolley
I made the right choice and now I feel relieved that I did.glyn
Really genuine kind and compassionate team with great knowledge and friendly approach highly recommend them!Katelia Merritt
I must say Jake took me through every step and was brilliant, recommend them anytime.Allan Green
Very happy and everything explained well, so glad a took the time to take the call, normally I would say I'm busy. But compared to other company's we save so much more money.Jenny Berry