Beginners Guide to UK Life Insurance
When it comes to life insurance we have two primary types of policy to choose from - term life insurance
Hot Topics
- Is the price I get quoted for life insurance the price I get charged?
- We are afraid the answer is “it depends” upon many factors.
- If my life insurance policy is “Rated”, what does this mean?
- If your policy is “rated” it means that the insurance company believes you represent an above average risk of a claim.
- What is Family Income Benefit Insurance?
- Family Income Benefit Insurance will provide a monthly payment to the family until the end of the policy’s term, following the death of the policyholder.
- Will I get charged more as a smoker?
- Yes you will. But first let us give you the usual Life Company’s definition of a smoker:
or whole of life insurance. Many people find it hard to come to a decision about which type of policy to take out but the decision you have to make really isn't that complex and both will offer good levels of cover for the majority of people. Let's take a closer look at your options.
The most popular type of life insurance is, without a doubt, term life insurance. This kind of policy will be set out to last for a specified 'term' - i.e. it will last for a set time period. So, you can take out a life insurance term policy for 25 years, as an example. During this 25 year period you will make your policy payments and you'll have the protection of the policy if you die. So, your next of kin can claim against the policy in the event of your death. But, at the end of the 25 years your policy will be finished and you'll get no further protection from it.
