Life Insurance

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Wouldn’t it be great if you could predict the future? To know exactly when the worst was going to happen, and to prepare accordingly? Unfortunately, as that is not the case, the next best option is to prepare for the possibility that you might not live to a ripe old age, and to prepare for if you do! If you’re considering a life insurance policy, you may also be interested in health insurance.

Utility Saving Expert gives you access to a life insurance comparison tool which can help you find deal that suits you and your loved ones, and puts your mind at ease. You are able to compare the life insurance quotes of numerous providers to ensure you have all the information required to choose the best policy for your circumstances.

What is life insurance?

Life insurance is about protecting your loved ones when you are no longer around. It can help to relieve the financial burden of your family at a difficult time.

The lump sum payment of a life insurance police can be used to help provide for your family’s future; to clear your debts, pay off the mortgage or to pay for living costs and give your family some financial security.

Life insurance is often taken out with a mortgage, so that if you die before the mortgage is paid, it will be paid off. Often, banks and building societies will offer life insurance alongside the mortgage but they may not be offering you the best deal.

There are different types of life insurance policy to suit different needs. A single life insurance policy, for instance, covers just one person, and pays the lump sum if that person should die. A joint life insurance policy covers two people and a lump sum is paid out when the first person dies.

Why do I need life insurance?

What life insurance does is give you peace of mind, knowing that if the worst should happen, your family are protected.

Maybe you already have life insurance but are looking to get a better deal? Customers who have bought life cover in the past are not necessarily stuck with their existing policies. You may be able to switch to new cover that could offer you and your family better protection for a lower premium.

If you took out your policy before 2010 you could save money by looking around for a better deal because policies have improved significantly since then.

The older you are when you take out your life insurance the more your premiums will cost which means that it pays to buy life insurance when you are younger, at a minimum of aged 18, when premiums are cheaper. But whatever age you are, it’s always worth investing a little time to finding out what life insurance policy might suit you.

How do I choose the right cover?

Choosing life insurance should not be taken lightly. After all, the financial security of your family is at stake here. It is the most important thing your will do for your family, to provide for them after you are gone, which is why it’s essential to choose your policy wisely. However, you don’t want to be paying through the nose for premiums. Comparing life insurance could help you find a great deal for you and your family.

Life insurance can be a bit confusing but accessing the Life Insurance comparison tool can help you find a policy that fits your circumstances. Whatever the kind of life cover you need, whether it’s Over 50s Life insurance, or Critical Illness, perhaps you just want it just to cover your outstanding mortgage balance or you want the peace of mind that a certain lump sum will be paid out on the event of your death, Utility Saving Expert can help.

We think it is important that you understand the nature of the policy you are buying. We want you to get the best price and level of cover that meets your needs.

The cheapest price does not always mean the best level of cover or service but Utility Saving Expert can help you find the best deal, whatever type of insurance you are seeking.

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Over 50’s life cover

Over 50s life insurance, or Over 50s life cover, is a specialist life insurance policy for people between the ages of 50 and 90. Should you pass away, your Over 50s life insurance policy will pay a lump sum of money to your family.

The main benefits to Over 50s life insurance is that you are guaranteed to be accepted regardless of the state of your health. There is no medical examination required and no medical history is needed. Which means that those with ill-health can still get cover.

Premiums are usually fixed for Over 50s life insurance for the period of the cover. So there is no need to worry about rising premium costs.

Upon the event of your death the life insurance will pay out a lump sum, which could cover outlays such as funeral costs, or remaining debts, leaving your partner the financial freedom to see them through their retirement.

Some insurance policies come with a funeral benefit option which means that a lump sum of money from your Over 50s life insurance is automatically paid to cover the cost of your funeral in the event of your death.

There are a few things to consider when taking out an Over 50’s policy:

  • The fixed sum will only be paid on death if the policy has been in place for 2 years
  • If you don’t pay premiums when they’re due your plan will end and you’ll get nothing back
  • If you live longer than expected, you could be paying out more in premiums than the lump sum paid out
  • Over time, inflation will reduce the value of your fixed sum

Critical illness cover

How would your family cope financially if you became critically ill and you couldn’t provide for them? Would they be able to pay the mortgage, or pay for other living costs such as household energy, food or travel? What about your medical bills? A life insurance policy will only pay out in the event of death, but Critical Illness cover will pay out a lump sum if you are diagnosed with a critical condition during the term of your policy.

You can add Critical Illness cover to life insurance policies for an additional cost. With Critical Illness cover, you will be paid a lump sum in the event that you are you are diagnosed with a specific critical condition.

This may vary with the terms of your policy and your insurer but this could include some 60 ailments and injuries and typically includes cancer, stroke, heart attack, liver failure and other serious illnesses, and the pay out will depend on the severity of the condition. With Critical Illness cover the tax-free lump sum can be used to pay off a mortgage or other debts or to cover medical expenses.

One thing to be aware of is that if you stop paying the premiums your cover will stop and you could potentially lose the worth of the premiums you have paid in. Prior to committing to a plan you should carefully consider whether you will be able to afford the premiums for the whole term of the policy. You will also get nothing if you survive to the end of the term

Whole of life cover

This cover is for those people who want a guaranteed payout regardless of when they die. A Whole of Life insurance policy has no fixed term and covers you for the whole of your life.

Due to the guaranteed pay out from the insurer when the policy holder dies, Whole of Life cover can be considerably more expensive than a fixed-term policy.

With some Whole of Life policies, you will also continue to pay the premiums into your old age, right up until you die. This means that your loved ones may end up getting back less than you invested. With other policies you’ll only need to pay premiums for a fixed number of years. It all depends on the type of policy you hold.

The premiums for a Whole of Life cover policy might be paid monthly or annually or as a one-off sum, part of which may be linked to an investment fund. There are likely to be high penalties and charges if you end a whole-of-life policy early.

Level term cover

As the name suggests, a level or fixed term policy is one whereby the monthly or annual premiums you pay will remain at the same rate throughout the term of the plan. This type of policy will pay out a fixed lump sum in the event of your death if you die within a specified term, say 25 years and won’t increase or decrease with the rate of inflation. The level term policy is one of the most common types of life cover and is often linked to the length of the mortgage. If you want the security of knowing that your dependents will receive a set amount of pay out if you die within a particular period of time then a level term policy might suit you.

Decreasing term cover

A cheaper form of cover than the fixed term is called the decreasing term life assurance. A decreasing term policy is exactly as it sounds, a policy whereby the premiums decrease over the lifetime of the policy.

It will pay out a lump sum of money if you die before a certain date, usually when a repayment mortgage is paid off or other life events such as when children turn 18.

With a decreasing term policy the potential payout on death decreases over time. This is in line with your family’s reduced needs as the years pass, perhaps because more of your mortgage is paid off.

The downside of a decreasing term policy is that if you survive beyond the end of the plan the policy has no maturity value and so could decrease to nothing by the end of the policy period.

Compare life insurance

You should now have all the necessary information you need to help you choose the right policy and level of cover for your life insurance. Use Utility Saving Expert’s online comparison tool to help you find cheap life insurance.