How fast can I get life insurance?

The short answer is you can usually have life insurance arranged in under 30 mins.

What else can you do in half an hour? Watch a TV programme? Take a nap? Or, have the peace of mind that comes with having a life insurance policy in place.

Thanks to the internet, it’s never been easier (and quicker) to arrange and compare low cost life insurance policies online, no matter what stage of life you’re at. Over the years, life insurance brokers and providers have streamlined their application processes; but as an important purchase, just because you can arrange it quickly, doesn’t mean you have to rush the process as it could cost you in the long term.

At Cavendish Online, we 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.

If your children, partner or other family members depend on your income to cover their living expenses and the home they live in, life insurance can help provide for your loved ones in the event of your death. You can’t rely on the state to take care of your family – the money they would get from the government is probably much lower than you’d expect.

Like any insurance, you may only appreciate what good value it is when you consider a particular scenario if you weren’t to have any cover in place.

Know what you’re buying

If you’ve already been looking at different options, you may have noticed that you could get a separate ‘single’ life insurance policy as an individual, or as a joint policy with your partner or spouse. Some people like this option as it’s easier to manage, usually cheaper than both having separate policies and it’s also often quicker to set up. 

Single and Joint Life Insurance policies are similar, but with a few key differences:

‘Single’ Life Insurance covers just one person and if the policyholder were to die during the term of the policy, their loved ones would receive a payout. If you and your partner were to decide to take out two separate ‘single’ policies, then a payout could then be claimed for each policy if both policyholders die within the term.

‘Joint’ Life Insurance covers two people on a single policy and means there’s only one monthly premium to pay. Some people find this simpler to manage and you’ll only need to complete one application, but you would have to answer questions for both policyholders. 

If one of the policyholders were to die during the policy term, their loved ones would receive a payout, however the policy would no longer exist for the remaining policyholder; meaning they would need to apply for a new policy if they wanted to still have cover in place.

When it comes to buying life insurance, the younger you are, the less expensive it generally is, so taking out a policy later in life inherently increases the price of a monthly premium.

It’s also important to know the difference between the two types of life insurance policies you’re most likely to come across, being ‘term insurance’ (the more basic form of life insurance) and ‘whole-of-life’.

TIP: Whole-of-life insurance is also known as 'life assurance' by many insurers.

If you’re not sure, speak to us, and we can help guide you to what’s the best option for you.

Prefer to phone?

Sometimes, it’s easier just to give us a call and speak one-to-one with one of our insurance specialists, who can guide you through the process and support you in choosing the best cover for you and your family.