Life insurance is an affordable way to help look after your loved ones financially if you die during the length of the policy.
What’s more, a good life insurance policy will help them deal with the everyday money worries such as household bills and childcare costs, as well as mortgage payments.
Many people don’t like to think about life insurance because it means they have to think about the inevitable. Just as many, however, try not to think about it because it can be kind of confusing.
Our life insurance calculator can help figure out how much cover you need, and if you scroll down, there’s a guide to different types of life insurance out there.
What types of life insurance are there?
- Level Term Life Insurance helps protect your family financially if you die during the term. The benefit amount remains fixed throughout the length of the policy – unless you decide to change your policy.
- Decreasing Term Life Insurance is specifically designed to help pay off a capital and interest mortgage. This way if you die during the term of your policy, your mortgage can be repaid and your loved ones may not have to move home or struggle to make ends meet after you’re gone ‐ depending on the amount of cover taken.
- Over 50s life insurance is designed for people aged 50 to 80. With this cover you can help contribute towards your funeral costs or you can use the money paid as a gift for your grandchildren.
Most life insurance providers also offer the option to add Critical Illness Cover for an extra cost when you buy a policy. It’s designed to pay out if you’re diagnosed with a critical illness and can’t work to support your family.