Life Insurance

Reasons to choose Life Insurance

Life insurance, or life cover - is a safety net for your loved ones
It pays a cash lump sum to support your family, should the worst happen
You can personalise your cover with your loved ones in mind

Why taking expert advice makes the difference

Choosing the right life cover is a pretty important decision, but don't worry - we'll help you get it right
You probably have a lot of questions. Just give us a call and we'll talk through your options
Life insurance protects you and your loved ones. We hope you'll never need it, but it gives you peace of mind if you do

Watch our Life Insurance in 60 secs video

Frequently asked questions about this type of policy

What is Life Insurance and how does it work?

Life insurance protects your loved ones with a lump sum payout, ensuring that they don’t suffer financially if you’re not around anymore. A policy is usually bought to cover the period (or term) that your family most need help i.e. during a mortgage term, or when your children are financially dependent on you.

How much does Life Insurance cost?

It all depends on a few things; your health, your age, your smoker status, the amount of cover you're after and maybe even your hobbies. Read more about the average cost of life insurance here.

What is the difference between term and whole-of-life insurance?

A term life insurance policy runs for a set period of time, making them cost-effective. Whole-of-life policies, on the other hand, payout whenever you die. Because they can last way into old age, they can be expensive.

How much tax is deducted from Life Insurance?

Although a life insurance payout is often talked about as a tax-free lump sum, this is true up to a point. If your estate is valued above £325,000 (or £650,000 if you’re married) or the life insurance payout pushes your estate value over the threshold, you might be hit with inheritance tax. Read more about life insurance and tax here.

What does Life Insurance cover?

Life insurance covers common causes of death such as illness, disease, cancer, heart attacks or accidents. Depending on your cover, it may also cover a terminal illness diagnosis and suicide. Common exclusions are pre-agreed medical conditions, chronic illnesses, disabilities, drug and alcohol abuse and high-risk activities.

If I cancel my Life Insurance do I get money back?

You’re unlikely to be entitled to any refund of the premiums you’ve already paid if you cancel your life insurance. You also won’t get your money back if your term ends and you or your beneficiaries haven’t been able to make a claim; in the same way car insurance won’t pay out if you don’t have an accident, or pet insurance doesn’t pay if your pet stays well.

Life Insurance - advice and guides

We've picked 3 guides we think you'd like, but you can visit the Advice & Guides hub for more.

A quick guide to life insurance

Life insurance can be confusing. Our two-minute guide tells you everything you need to know.

COVID-19 and life insurance

Does my life insurance policy pay out for coronavirus? Can I buy a new policy right now? Get the answers here!

The 10 reasons why you need life insurance now

Here are our top 10 reasons to get your life insurance sorted today

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Help me calculate how much cover I need

What’s the ‘right amount’ of life cover?

It’s different for everyone. To figure out the ‘right amount’ of cover for you, you’ll want to factor in your outstanding debt, your family commitments (now and in future) and what you can afford to spend each month in premiums.

Our calculator will help. And after you calculate the ‘right amount’ of cover, give us a call (or leave your details we’ll call you) so LifeSearch can search the market for policies that match what you’re after.

FIRE UP THE CALCULATOR!

Plug in your commitments to understand what cover's good for you.

Any mortgage left to pay?

£

Loans, credit cards & other debts

£

Potential funeral costs

£

Childcare, school or higher education costs

£

Additional lump sum gift

£

Existing life insurance, savings & investments

£ -

Your total cover estimate:

£ 0

Let us find the best cover for you!

Get advice & quote

Not sure about your calculation? We can help you choose the cover level to suit you with free advice here.

Remember, this only estimates how much you might need to help you make your decision.

Since 1998, happy LifeSearch teams have protected more than 700,000 UK families

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