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Choosing the right Life Insurance Cover

Life insurance is often seen as a simple purchase, but it's not as there are many different options available. My colleagues and I are here to help you choose the most suitable cover for your needs.

The first thing to think about is why cover is needed. You may want to protect your mortgage, your family, or a combination of both. If you wish to pay off your mortgage in the event of death, then your cover will be determined by the type of mortgage you have.

If you have an interest-only mortgage, you will need a level term policy to ensure your mortgage debt is paid off. If you have a repayment mortgage, you can choose to have a decreasing policy which means the amount of cover decreases in line with your mortgage. Because the cover reduces over time, the cost of this type of plan is cheaper than a level term plan.

If you have a family, you'll want to ensure they are financially secure if you were to pass away. Most people take out a level term policy –one where the benefit stays the same over the life of the policy – to do this. The amount of cover you choose will be determined by how many dependants you have, what plans you have for your children, and of course your budget. Are you expecting your children to go to university for example? You may have seen in the press lately that it's estimated to cost £210,000 to raise a child until the age of 21 which is a lot of money. How would your family cope financially if you were not around? We can help you choose the right level of cover for your circumstances.

Many customers are not aware that it's possible to have a policy that pays out an income instead of a lump sum. A lump sum of say £150,000 may seem attractive, but what will your family do with it? How will it be invested? Will it really last until your children are no longer financially dependant? This is why we believe choosing an income is a very sensible alternative. You choose how much money you want your family to receive each year and for how long. For example, you can simply choose an amount to match your own take home pay. They won't have to worry about investing a lump sum, and you have the peace of mind knowing that they will receive a regular amount of money that is easily manageable. This option also offers very good value for money.

There are also other decisions to make as to whether to partner's should have single or joint policies, whether to protect against inflation, whether to add on other types of cover. And then your own circumstances may affect how much the cover will cost, for example your health and hobbies. We're here to help you make the right decisions, and a call to 0800 316 3166 is the first step to help you with those decisions.

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