Life Insurance will typically pay out a lump sum if you die or are diagnosed with a terminal illness. The money can then be used to replace lost income, pay off a mortgage or cover funeral expenses.

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Not everyone needs Life Insurance but if your partner, children or a relative relies on your income to cover your mortgage, rent or living expenses then you probably want to look into it. Similarly if you are relied upon to look after your children then you may need it too as if you’re not around it could increase childcare costs or result in your partner working and earning less.

These policies are usually known as Family Protection or Mortgage Protection Life Insurance. Other people don’t want to leave their loved ones with unexpected bills should they pass away and take out protection to cover funeral expenses.

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Level Term  Life Insurance: Also know as Family Protection, this policy will pay out a fixed lump sum if you die during the policy term. If you do not die during the policy term then the policy will cease and you will not get anything back.

Decreasing Term Life Insurance: Also know as Mortgage Protection Life Insurance, this policy is designed to decrease alongside the balance of your mortgage and as such is usually priced lower than Level Term Life Insurance as your benefit level decreases over the term in a similar way to how the balance of your mortgage would decrease.

Whole of Life Insurance: People wanting to ensure their funeral costs are covered or need to protect a potential Inheritance Tax liability usually require a Whole of Life Insurance policy. This protection covers you for the whole of your life meaning as long as you keep up your payments the policy will pay out in full when you die, whenever that occurs.As the pay-out is guaranteed a Whole of Life Insurance policy will usually be more expensive than term cover.

Critical Illness Insurance: Can be added on to Level Term and Decreasing Term Life Insurance for an additional cost.  Critical Illness Insurance will pay a lump sum if you are diagnosed with a defined critical illness during the policy term.

Critical illness cover is a type of line insurance policy that will offer some protection if you acquire a serious illness or injury during the period which you are insured. Different insurance providers have different parameters, and it is worth checking which illnesses are covered when you take out a policy, as this can differ between providers.

There are two types of critical illness cover:

• Additional-cover policies. Often bought as an add-on with level term or decreasing term life insurance, it could pay out  a lump sum if you are diagnosed with a critical illness and if you die at a later date.
• Combined-cover policies are bought with a  life insurance policy, but they only pay out once. They  will typically pay out 100% of the chosen cover amount if you are diagnosed with a critical illness or on your death (not both).

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Getting a life insurance quote is simple. Just complete the simple form here, it takes less than a minute. Once completed, a member of the team of expert life insurance advisors will search the leading UK insurers and come up with a price and policy to suit your needs.

If you are not entirely satisfied with their quote, you have no obligation to buy. If you are happy, then they will complete the paperwork for you and get the paperwork in the post. It's as easy as 1,2,3.

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