Life Insurance

A single life insurance policy covers one person only. If a couple has two separate policies, the surviving spouse's insurance will remain in place if their partner dies.

A joint life insurance policy covers two people and usually only pays out once. This means that if one policyholder dies, the cover will end, and thesurviving partner will need to take out new cover. Also, if your relationship ends, you will likely need to end the policy and take out new cover (unless the insurer can separate your policy).
Some people opt for joint life insurance as it can be cheaper than two single policies, particularly if one policyholder is more expensive to insure due to health conditions or requiring a higher level of cover.

Term life insurance will cover you for a fixed length of time of your choosing, such as 10 or 25 years. You might take into consideration the length of your mortgage or when any dependents will no longer depend on you financially.
There are typically two different types of term life insurance to choose from.

Decreasing term insurance is usually taken out in conjunction with a repayment mortgage. You will pay the same premium for the duration of the policy, but the value of your payout decreases over time to reflect the decreasing amount of debt owed. While this option is typically cheaper, you will only have the amount of the mortgage covered if you die.
With term life insurancethere is no payout at the end of the term; if you live until the end of the policy, the cover will terminate, and you will need to make new arrangements if required.

As the name suggests, whole of life insurance covers you for life, so your family is guaranteed to receive a payout when you die. The policy does not have an end date, so you will usually pay premiums until you die, but some insurers only require you to pay premiums until the age of 80 or 90, with cover remaining until your death. Whole of life insurance is generally more expensive than term life cover as the insurer will make a payout; however, it does provide you with peace of mind that your family will be provided for no matter what (provided that you keep up your payments).

The cost of life insurance varies depending on each policyholder's circumstances, but it is often cheaper than people expect. Your premiums will be calculated based on the level of cover you need, plus a range of factors such as your age, general health, if you smoke, and the length of the policy.
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It's never too early to consider taking out life insurance – in fact, you are doing your future self a favour. Life insurance typically costs less at a younger age, so getting cover sooner rather than later could mean you pay less than others as you get older.

It is important to remember that life insurance only pays out in the event of your death. It will not provide any financial support if you were to become ill, which is why critical illness cover is often bought in conjunction with life insurance.
Critical illness cover financially protects you and your family if you were unable to work due to a serious illness. The insurer will specify which illnesses are covered and if any exclusions apply.

Many provide the option to combine critical illness and life insurance, making your premium cheaper than taking out two separate policies.
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We can advise on the best cover for you and any loved ones, taking into account your personal and financial circumstances.

Writing your life insurance policy in trust ensures that a life insurance payout is not considered part of your estate and therefore not subject to Inheritance Tax. As such, it is one of the best steps you can take in safeguarding your family's financial future.

Also, claims can be paid before probate is granted, so your beneficiaries can receive the money swiftly.
It might seem complicated, but writing the policy in trust is not normally difficult or time-consuming. There are a range of trusts to choose from, and we can help advise on the right one for you.

It is easy to buy life insurance once and never think about it again. However, it is important to review your policy from time to time, especially if you have experienced a major life event.

For example, if you have recently welcomed a child, moved home, or got married, you may need a higher level of cover. Similarly, if you have downsized or gone through a divorce or separation, you might be able to reduce your level of cover.

We know that life insurance can be a sensitive subject, so we are here to help you make sense of it all. It's important that you, and any family, is sufficiently protected should the worst happen, so please do get in touch with us if you would like friendly, professional advice. With so many options available, we can help tailor your policy to your specific needs at a cost that is right for you.

We work with carefully chosen insurers and recommend the most suitable policy for your circumstances.
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• Independent advice - we provide unbiased advice on a range of products from various providers, ensuring you get the most suitable deal for your individual circumstances.
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• Market insight - we have in-depth knowledge of the life insurance, critical illness, and income protection markets and can help you understand the pros and cons of different types of policies and cover.
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• Application support - We prepare and submit your application, ensuring everything you need cover for is included.

As with all insurance policies, conditions and exclusions will apply.
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It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to changewithout notice. No part of this document may be reproduced in any manner without prior permission.