Life Insurance

Life insurance provides financial security to your family in the event you’re no longer here. Discover how it works and what your options are.

Protect your loved ones with life insurance

How does life insurance work?

Life cover, or Life insurance is designed to provide financial protection to your loved ones in the event of your death by providing a specified lump sum payment. Our experts will help determine what a suitable policy looks like to ensure peace of mind no matter what the future holds.

How it works

What does it cover:

  • Life insurance covers the death of the policyholder if they pass away from natural causes, an illness or an accident.
  • Life insurance is sometimes known as Term Assurance. This means the policy will only be paid out if the policyholder dies within the policy term.
  • Upon your death, a pre-determined lump sum will be paid out to your family.
  • A life insurance policy can help replace lost income for the life and to pay off outstanding debts, notably any remaining mortgage.
Essential Information

Things you need to know:

  • There are different options and terms to consider with a life insurance policy. Always talk through a life policy with a qualified adviser to make sure it’s right for you.
  • You will need to tell us how much cover you need and for how long. We’ll ask you about your current financial situation, your health, and whether you’re a homeowner.
  • If you aren’t honest on your insurance application or you don’t pay your premiums, then the policy might not pay out. We always recommend a truthful approach.

When’s the right time to get life insurance?

Many people take out a life insurance policy at the same time as getting a mortgage to cover the same term. You can then ensure the sum is enough to cover the amount you have borrowed. Some people take out a life policy when they get married or have children for peace of mind should they pass away unexpectedly. You can then rest assured that your family will be able to manage financially without your income. Life insurance can be used to pay off the mortgage, rather than being forced to sell the family home due to financial difficulties.

Frequently asked questions

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