Different types of life insurance

A simples guide

Different types of life insurance

If you’re considering taking out a life insurance policy, it’s really important that you understand all the options available to you. Otherwise, when you start to look into the detail it can all seem quite complicated.

Here, we’re going to help you understand the various options open to you.

are there multiple types of life insurance?

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Why should I get life insurance?

Having a life insurance policy is one of the most generous things you can do for your family. It won’t benefit you but it will give you the peace of mind that when you pass away, you’ll be leaving your dependents with some financial support. While money can never replace a family member, it can provide some comfort knowing that financially they will be in a good position. 


Why should I get life insurance?

When should I get life insurance?

There’s no such thing as the ‘right’ age to get life insurance. The answer really is that you should take out life insurance when it feels right for you. Typically this tends to be because you’ve moved house, got married, have a new job or have had a baby. It may also be after taking into account your financial position and the financial obligations that may fall to others when you’re not around.

So, for example, for some people having an outstanding mortgage together might drive the decision. Having young children and expensive future education costs might be another.

It’s also worth considering that life insurance is typically cheaper when you’re young and healthy than when you’re older and more likely to be less healthy.

when should I get life insurance?

What affects the price of life insurance?

There are numerous factors that may affect the monthly price you pay. Your age, your health, how long you want cover for, the level of cover you need and whether you smoke to name just a few. Be sure to compare policies to find the right policy at the right price for you.

what affects the price of life insurance?

Which policy should I choose?

Deciding which type of life insurance is right for you and your family depends on your needs:

Which policy should I choose?

There are three main types of policy terms to choose between:

What else should I consider?

Once you’ve decided on the policy you need, there are a few types to consider, depending on your circumstances:

What is Critical illness cover?

Critical illness cover pays a tax-free sum of money in the event that you are diagnosed with a critical illness. 

Critical illness would allow you to cover things like a mortgage payment if you’re unable to work. The types of illnesses covered by critical illnesses vary by insurance provider so you will need to check your policy documents for the specifics before you purchase, but could include cancer, heart attacks and strokes for example.

what is critical illness cover?

Can I get a joint life insurance policy?

Yes. Joint life policies are made for couples who share financial commitments. They can sometimes be cheaper than two separate policies, but it is worth knowing these policies end once one partner passes away. So, if you wanted to continue with a life insurance policy after it’s paid out, you would need to buy a new policy.

can I get a joint life insurance policy?

Can I get over 50s life insurance?

Yes, there are specific over 50s plans available. These are often known as Guaranteed Whole of Life plans. As we mentioned above, they tend to cover a smaller payout for things such as funeral expenses or debt. But the amount of the premium will be guaranteed for the life of the policy.

can I get over 50s life insurance?

Where can I compare life insurance?

We aim to make comparing life insurance cover as quick and simple as it can be. Remember, choosing life insurance isn’t about just choosing the cheapest level of cover. It’s about finding the right level of cover at the right price. That’s why it’s important to be clear in your mind what you need and to always read the policy terms to be sure what you’re getting.

Compare today using our life insurance comparison service and find the right life insurance policy for you.

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