What is life insurance?

The types of life insurance available

There are different types of life insurance to choose from depending on what you need to cover. 

1. With a decreasing-term policy, the amount you're covered for decreases over the term of the policy. These policies are often used to cover a debt that reduces over time, such as a repayment mortgages.
   
   Premiums are usually cheaper than for level-term cover as the amount benefit reduces as time goes on. Decreasing term is not restricted to mortgage cover and could be considered for other potential costs, such as inheritance tax.
   
   Get in touch with us today to get a market leading Decreasing-Term quote from some of the UK's biggest providers of Life Insurance.
   
   
2. Level-Term policies can be an affordable option for family protection. The plan will provide a lump sum that your family can invest to live on after you've gone. You can choose how long you want the cover to last. Many people choose to have their cover for a period that coincides with when they expect their children to become financially independent or when they expect their mortgage to be paid off such as an interest only mortgage.
   
   A level-term assurance policy pays out a lump sum if you die within the policy term. The amount you're covered for will remain the same throughout, regardless of your circumstances, as long as premiums are maintained. The monthly or annual premiums you pay will stay the same over the policy term. With premiums from only £5 a month, protecting your loved ones could cost less than you think — although the actual cost depends on the amount and length of cover chosen, as well as your personal circumstances.

Duration of life cover

Life insurance can be bought for a fixed term between 5 to 50 years and can run right up until your 90^th birthday. If you need a longer policy, give us a call on 0800 012 4402 and we can run through the options available to you.

Covering your partner

Life insurance is available either as a single or a joint policy. If you were to take a joint policy for you and your partner, normally the insurer would pay out when the first person dies. Once the insurer has paid out the policy will finish, leaving the surviving partner uninsured.

The alternative is to take out two individual policies; this means you will both be covered separately and the insurer will pay out for both deaths. Running two policies can be more expensive but most insurers will give you extra discounts to help, give us a call to find out more about single or joint policies.

Life insurance prices

The cost of a life insurance policy is calculated based on your age and whether or not you are a smoker. Other factors that will affect your premium is how much you would like to be covered for, the type of policy (level or decreasing) that you are applying for and the length of time you wish to be insured for.

How do I get Life Insurance?

Taking out a Life Insurance policy with Smarter Cover couldn’t be simpler. Use our quote enquiry service to find a selection of life insurance policy options.

Alternatively, you can call us directly on 0800 012 4402. We're a non-advisory service, so whilst we can't offer you any advice, we can answer your questions with facts, not our opinions.