Life Insurance UK
What is life insurance UK?
Life Insurance UK is a form of insurance which provides customers with peace of mind that should they die, their families will be looked after financially. A life insurance UK policy will pay a lump sum to the family of a customer, who loses their life.
There are many different forms of Life Insurance UK with term life insurance UK and whole life insurance UK being the two most common. Life insurance UK is commonly offered alongside a mortgage, although customers should consider taking it out earlier in life if they have children before buying their first home.
Why do you need life insurance UK?
Life insurance UK has been designed to offer customers peace of mind that their financial responsibilities will be looked after should the worst happen to them. That financial responsibility may be a child, or a mortgage and many people at some point have both.
As a potential customer you should ask yourself what would happen if you were to lose your life and your family were left to pay the mortgage on their own. Many families would not be able to cope without their main breadwinner, and as a result would lose their home and be unable to afford the mortgage payments.
Life Insurance UK will provide a lump sum payment that can allow a family to pay off the mortgage, guaranteeing them somewhere to live, and will also leave them with enough money to pay for bringing up children. You can decide on the level of your life insurance payout when you take out the policy, making sure that you leave as much money as you think your family will need without you.
Term Life Insurance
Term life insurance UK is a form of life insurance which is offered over a certain term, usually the length of a mortgage, and is the most popular form of life insurance offered in the UK. Term life insurance is rarely offered beyond a customer’s 60th birthday, so the majority of customers outlive their policy and never receive a payout. For customers who want a return on their investment there is whole life insurance
Whole life insurance
Whole life insurance UK is offered to customers in the UK who want to have life insurance for their whole life, and is a lot more expensive than term life insurance as a result.