Life Insurance

Life insurance is a policy that pays out a lump sum to your loved ones if you pass away during the policy term. You pay monthly premiums, and if you die while covered, your beneficiaries receive a tax-free payout. This money can help cover mortgage payments, living expenses, funeral costs, or other financial needs.

The best time to get life insurance is as early as possible since premiums are cheaper when you're young and healthy. Key life events like buying a home, getting married, having children, or starting a business are strong reasons to get cover. The longer you wait, the more expensive it becomes, and health issues could make it harder to qualify.

If you have dependents (children, a partner, or anyone who relies on your income), life insurance is highly recommended. It ensures they won’t struggle financially if something happens to you. Even if you’re single, life insurance can help cover funeral costs or outstanding debts.

Not always. Many insurers offer guaranteed acceptance policies without a medical. However, if you have pre-existing conditions or want a high level of cover, insurers may ask for a medical exam or GP records.

Yes, you can have multiple life insurance policies in the UK. There’s no legal limit, and many people take out different policies for different needs—such as one to cover their mortgage and another for family protection. Insurers will assess your total cover to ensure it’s reasonable based on your income and financial situation.

The amount depends on your financial situation, including:

• Your mortgage or rent payments

• Other debts (loans, credit cards, etc.)

• Your family’s living costs

• Funeral expenses

A common rule is to have cover 10 times your annual salary, but this varies based on personal circumstances.

Yes, but the cost may be higher. Some insurers specialise in covering people with conditions like diabetes, high blood pressure, or a history of cancer. Always disclose your medical history truthfully, or your policy could be invalid.