Since the start of the COVID-19 pandemic, there’s been a steady rise across the market for applications for Life Insurance, as we’ve all become more acutely aware of our own mortality and how vulnerable we all are.
It’s no surprise then that the pandemic has got many families thinking about how to improve their financial security, for both the immediate and distant future; with arranging life insurance moving to a top priority on many ‘to-do’ lists.
If the pandemic has given us anything, it’s given us all time to reflect on what’s important to us, and most importantly who is important to us.
With many of us now having more free time than ever before; without having to endure the daily commute and being able to spend more time at home (albeit through a lack of other options) it’s given many of us more time to review our finances and plans for the future than was ever previously afforded.
Whether you’ve been putting off buying life insurance for years or it’s suddenly appeared on your radar, there’s never been a better time than now to make a financial plan and get cover in place.
At Cavendish, the pandemic has opened up some wider conversations about how we can make sure we’re offering the very best products on the market to fulfil the new requirements of our customers. We have the ability to deliver some of the most innovative web journeys to help with the demands of both our new customers and our existing customers looking for a higher level of cover.
Behind the scenes, many insurance companies have been making arrangements to navigate around the challenges brought on by the pandemic, whilst also simultaneously handling a surge in applications. The good news is that over the years, life insurance brokers and providers have been busily streamlining their application processes, so nowadays, it can take as little as 20 minutes to set up a policy online.
Whatever stage of life you’re at, there’s a variety of options and policy types available to suit your needs and it’s never been easier to arrange and compare life insurance policies online.
Cavendish are committed to providing our customers with all the information they need to make an informed choice about what kind of policy is right for them.
To understand what type and level of life insurance online you need, it’s important to take on board your individual circumstances, like savings, mortgages and existing credit arrangements in place. As everyone’s situation is different, so is the type of protection you need and depends on your personal situation and what stage you are in life. Your age, health in general (including if you smoke) and lifestyle are just a few factors that are considered when applying for cover and how much your monthly premium (payment amount) will be.
What type of policy is right for me?
This is subjective to your specific requirements, but if you have other people who depend on your income and you don’t already have life insurance in place, it’s important that you consider taking out a policy as soon as you can.
Generally speaking, there’s usually no better time than now to arrange life insurance cover, however it’s important to understand the range of options and products available to you, whatever stage of life you’re at.
The two types of life insurance policies you’re most likely to come across are ‘term insurance’ (the more basic form of life insurance) and ‘whole-of-life’.
‘Term’ life insurance policies run for a fixed period of time (known as the ‘term’ of your policy) eg. 10, 15 or 25 years - and will pay out if you were to die during the term of the policy. There’s no survival lump sum payable at the end of the term.
With a ‘whole-of-life’ insurance policy, the clue is in the name. Unfortunately, we all die one day, so as this policy is ongoing, it will pay out a lump sum whenever that day comes. Naturally, these policies are typically more expensive than term insurance policies since as long as you keep paying your premiums, the insurer will always have to pay out, whereas you may outlive a term insurance policy.
TIP:Whole-of-life insurance is also known as life assurance by many insurers.
One of the main benefits of whole-of-life insurance is that it can help your family deal with any bills associated with inheritance tax. It also may appeal to you if you’re determined to leave some form of inheritance to your loved ones, or if you want to help with your funeral costs.
Already Have A Policy?
Many people who have a life insurance policy in place tend not to review it very often, however, it’s important to understand if the policy still meets your needs (as well as finding cheaper life insurance) - that’s where Cavendish can help.
If you’re not sure, speak to us over the phone and we’ll be able to help guide you to what the best option will be for you.
Get In Touch
Cavendish Online is committed to ensuring our fees and charges are highly competitive and transparent - so you know exactly what you are paying for when you use our different services.
We can help you find the most suitable and affordable option for your individual circumstances, so we seek products from leading financial service providers - with minimal charge amounts. To find the best policy for you, we won’t limit your search to just one company.
If you don’t currently have any cover in place or you’re unsure if your cover still meets your needs - the team at Cavendish can help. Speak to us today for more information and to get a quote for life cover, call us on 03456 44 25 40.
Call for a quote today...
Our team of expert protection consultants are here to help. Call for a quick quote and more information now:
01392 241 850(Monday to Friday, 10am to 6.30pm)
