What is life insurance?
Life Insurance is the Insurance that pays out an amount of money when the insured person dies or after a set timeframe after the death. Get a quote today by submitting the form below.
Several forms of Life Insurance policy exist. For example types of Life Insurance you can receive include “Whole of Life” or “Term Life”.
What is Whole of Life Insurance?
Whole of life insurance is when there is a guaranteed payout received of a lump sum when the policyholder expires.
Insurers will often make an investment with the monthly premiums in to what are known as life funds, this equates to the premiums and lump sum received by your beneficiaries as being changeable.
As death is inevitable the premiums tend to be more expensive than what is known as Term Life Insurance.
What is Term Life Insurance?
Term life insurance, otherwise known as term assurance, is a kind of life insurance that equates to coverage at a fixed rate of payments for a limited amount of time. When the timeframe expires a new set of negotiations must take place with potential different terms and conditions (if they policyholder is still alive).
If the policyholder does die within the timeframe of coverage, the lump sum death benefit will will go to the beneficiaries. It goes without saying, this is the cheapest life insurance form, with lower monthly premiums.
It is important to compare the market when getting any insurance quotation and life is no different. To get a good policy you need to do research and get online quotations, which you can do above using the online quotation form. Upon filling in the form, a number of top UK life insurers will be notified and the best prices and policies presented to you.
Remember to consider all the options available to you before you make your purchase. You can discuss elements of the quotations with the insurance companies as the will have expert account handlers for this very purpose.
So take 2 minutes to fill in the form above and sit back waiting for the quotations to come in!