Term life insurance UK
What is term life insurance UK?
Term life insurance UK is the most popular form of life insurance sold in the UK, and is also one of highest value insurance products available. Life insurance is an insurance policy that pays out a lump sum payment to the family of a customer who unfortunately loses their life. Term life insurance UK is a form of life insurance offered over a certain term.
That term is usually the length of a mortgage but can also be a certain number of years or until a customer’s birthday. Term life insurance UK is rarely offered to customers beyond their 60th birthdays, which mean many customers outlive their policy and never have to make a claim.
This makes offering the insurance a lot cheaper than a policy which pays out whenever a customer dies like whole life insurance. Whole life insurance will pay out to a customer’s family whether the customer dies aged 20 or 120, but is around eight times more expensive than term life insurance UK as a result.
Why should I take out term life insurance UK?
Term life insurance UK provides customers with life insurance when they need it the most. Term life insurance is designed to provide customers with life insurance during their period of greatest financial responsibility, and covers a customer at a time when their family would financially miss their income the most if they were to die.
Children and a mortgage can be very expensive, and many families would not be able to afford to continue paying a mortgage if they lost the income of one of their breadwinners.
Term life insurance will often run until you have paid your mortgage off, by which point your children will most likely have left home and become self sufficient, and pension payments should be about to kick in, making life more affordable without the income of a breadwinner.
Where can I buy term life insurance UK?
You can buy term life insurance UK from life insurance quotes, and you can compare the price of term life insurance policies against whole life insurance policies to make sure you pick the right policy for you. You can also look at life insurance and critical illness insurance policies combined to offer total peace of mind should the worst happen to you, or a family member.