❤ Life insurance

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Why do you need life insurance?

A life insurance policy pays out a lump sum to your loved ones if you die. If you have children or other people relying on you financially, it's important to think about their future and how they'd cope financially if you weren't around.

A life insurance pay out could be used by your loved ones to:

  • pay off a mortgage
  • replace an income
  • pay for childcare or education costs
  • maintain their current standard of living

Deciding what type of life insurance you need

What type of life insurance you choose depends on what best fits your needs. The two most common types of life insurance policies are level term and decreasing term.

Level term: The amount you're covered for is fixed when you start paying your premiums, and it stays the same throughout the term. A guaranteed lump sum will be paid if you die during the policy term.

Mortgage life insurance: Also known as decreasing term insurance, is commonly used to cover the outstanding balance of a standard repayment mortgage. The amount of cover reduces over the length of the policy. 

Other things to consider:

Critical illness cover: This cover provides you with a lump sum if you’re diagnosed with a defined critical illness during the policy term; for example, some types of cancer or a stroke. The amount and types of illnesses covered vary by provider, so always check the policy details.

Joint life insurance: This type of policy will cover you and another person, paying out only once following a claim and then ending. A joint policy can be cheaper than taking out two single policies, but there will only be one payout. 

Over 50’s life insurance: A whole of life insurance policy is available to UK residents aged 50 to 80. There’s no medical required and acceptance is guaranteed. Pay outs from an over 50s policy could be used to cover funeral costs, household bills or leave a financial gift to loved ones

 

Frequently asked questions

  • Why do I need life insurance?

    Life insurance is for your peace-of-mind, so you know your family will be financially protected in the event that you're no longer around.
  • How much life insurance do I need?

    The amount of cover you need is different for everyone, and you should tailor your policy to suit your circumstances.
  • How long should I be covered for?

    The length of your policy will vary depending on your personal circumstances - but you can use your reason for taking out insurance as a guide.

    For instance, if you’re getting cover to protect your family, you could think about making your policy last until your children become financially independent.
  • How much will it cost?

    The cost of life insurance can be as little as £5 per month, but your premiums will depend on your individual needs and circumstances.
  • I have life insurance through my employer – is that enough?

    Even if you’re covered through your employer, it’s still worth checking that the pay-out will provide enough financial security for your family if they have to manage without your income.

    You should also bear in mind that if your employment ends, your life insurance cover will also stop.
  • Can I change my life insurance cover if my circumstances change?

    This depends on your provider. Many offer a guaranteed insurability option so you can increase your policy without more medical checks.

    This usually tends to cover circumstances like a mortgage increase, salary increase, marriage or civil partnership or becoming a parent.
    But remember to check your policy documents to see exactly what you’re covered for.
  • Is there anything that might stop the policy paying out?

    Your policy may come with some exclusions (circumstances in which it won’t pay out) which vary depending on your insurer.

    These can include alcohol or drug abuse, suicide, or deliberate exposure to danger.
  • What is critical illness cover?

    Critical illness cover pays out to you or your family if you become terminally ill, or are diagnosed with a specific illness included in the policy – some insurers won’t sell this cover as a standalone product.

    It’s important to remember that there’s usually only one pay out, which is when you are diagnosed with an illness.
  • Do I get any money back if I don't die by the end of the policy term?

    No. You don’t receive any money if you outlive the policy term. At the end of your term, you simply stop making payments and your cover ends.

Deciding how much cover you need

You can work out the amount of cover you need by totalling up your financial commitments like:

  • an outstanding mortgage
  • other debts such as loans, overdrafts and credit card balances

You should also consider how much your family would still need if you were to die. For example for home living, child care or education costs.

Need some help? Use our life insurance calculator to help estimate what could be the right amount for you.

Comparing life insurance quotes through Confused.com

At Confused.com we ask more questions upfront so we can tailor your life insurance quote. This allows us to give you an idea of how the insurer will treat your application. If you’d rather speak to someone about getting a quote, you can call our UK-based call centre on 0800 652 9754.

Whether you get a quote online, or via the phone, you’ll be asked questions on your lifestyle, medical history and whether you take part in any extreme hobbies or work. It usually takes around three minutes to complete this stage.

Once you’ve answered these questions, you’ll be shown a list of prices and insurers along with an indication of how likely each insurer is to accept your application (some may be keen to offer immediate cover while others may want more details). At this stage you can also find out more about what each policy offers.

Depending on your answers, you may be able to buy cover immediately without completing an application. The option to "buy now" is not available on any other comparison site. 

If you’re not able to buy now, the insurer will just need to know more a little more information about you before giving you a quote. 

Once completed, your application will be processed by our partner Direct Life & Pension Services Ltd. You'll be assigned a dedicated and trusted representative who'll liaise directly with your chosen insurer and keep you updated on the progress of your application.

If you still feel you need more information, take a look at our guides or call 0800 652 9754 to speak to one of our team. Lines are open: Monday-Thursday: 9:30am - 8pm | Friday: 9:30am - 1pm.

Jargon buster It’s important to understand every feature of your policy to make sure you and your family are properly protected. Below we’ve pulled together a list of common life insurance terms you’ll come across to help you get the best cover.

  • Estate

    This is a collection of all your assets. So your house, car, savings & investments.
  • Trust

    A legally-acknowledged arrangement to pass on your assets under stipulated conditions, such as when you die.
  • Term

    How long the policy lasts for, i.e. 5-40 years.
  • Fixed premiums (also known as guaranteed premiums)

    These premiums are fixed and guaranteed not to change during the policy term, unless you alter the cover.
  • Reviewable premiums

    Reviewable premiums are guaranteed for the first five years of the policy. After this, the insurer has the option to review your premiums on a regular basis to establish if what you're paying is enough to provide the level of cover selected.
  • Waiver of premium

    In the event that you're unable to work through ill health, payments will be made on your behalf until the end of your policy term, a specified age, or until you're able to return to work. This is often referred to as an additional extra.
  • Indexation

    The indexation option allows your plan to keep pace with inflation by increasing your cover amount.
  • Policy increase option

    Under certain circumstances this enables you to increase your level of cover.
  • Terminal illness cover

    Term life insurance policies that provide this type of cover may pay out before death if the policyholder becomes terminally ill.
Confused Life is arranged and administered by Direct Life & Pension Services Ltd, who are authorised and regulated by the Financial Conduct Authority. Registered office; Friars House, 52A East Street, Chichester, West Sussex, PO19 1JG. Registered in England and Wales No 2467691. Our service is free and compares a wide range of trusted household names. Confused.com is an intermediary and receives commission from Direct Life & Pension Services Ltd which is based on a percentage of the total annual premium if you decide to buy through our website. We pride ourselves on impartiality and independence – therefore we don't promote any one insurance provider over another.