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.

Can I get life cover instantly?

Most people are able to compare quotes, apply and be covered within half an hour, all without needing to speak to anyone.

Our online service makes the process quick and easy. Just pop in a few details and we’ll show you a range of policies and prices from leading insurers. You can complete the application then and there, and if everything checks out, you’ll be insured straight away.

Does life insurance have a waiting period?

In most cases, life insurance policies start as soon as your application is accepted and your first payment is made, often on the same day. That means you’ll have cover in place right away, giving you instant peace of mind.

That said, some types of policies, especially over 50s life insurance or whole-of-life policies with guaranteed acceptance, may have a waiting period before they’ll pay out for anything other than accidental death (typically one or two years). This is to help protect insurers from paying out for claims made shortly after a policy is taken out.

If you’re unsure, it’s always best to check the policy’s terms or speak with one of our team who can explain how your cover will work.

Do I need a medical exam to get covered?

Not necessarily. In fact, most people won’t need a medical exam to take out life insurance.

When applying, you’ll usually be asked a few straightforward health and lifestyle questions. This can include questions like whether you smoke, your age, your weight and height, and whether you have any pre-existing medical conditions. These help insurers assess your level of risk and provide an accurate quote.

If you’re in good health, a policy can often be arranged within minutes, completely online. However, in some cases, for example, if you have a serious medical history or are applying for a high level of cover, the insurer might ask for a medical report from your GP. This could delay the process slightly, but it helps make sure the cover is right for your needs.

In some instances, if you are applying for a large amount of cover - think over £1million - then you may be asked to undergo a nurse screening where they will record your height, weight and do a blood screen. This is to ensure that you are in good health before the policy starts.

What can delay a life insurance application?

While many life insurance policies can be sorted within a reasonable timeframe, there are a few situations that may take a little longer:

• Medical evidence needed: As mentioned, some insurers might need to contact your GP or request a health check.
   

• Complex health conditions: If you have a history of more serious health issues, your application might be referred to an underwriter who’ll review your details in more depth.
   

• High levels of cover: The more cover you’re applying for, the more likely it is that additional checks will be carried out.
   

• Incomplete information: Always double-check your answers when applying. Missing or incorrect details can slow things down.

The good news? Even if your application takes a little longer, our team is always on hand to help keep things moving and answer any questions along the way.

Before you buy

Before you commit to a policy, you’ll need to understand how much life insurance you’ll need. Keep in mind how comfortable you’d want your loved ones to be if you were no longer around. Many of our customers want to make sure debts are covered (such as a mortgage) to give financial protection to their loved ones if they were to pass away.

Once you’ve given this information some thought, it’s then really rather easy to arrange life insurance cover online. Simply enter your details into our site and we’ll ask some questions to generate quotes so you’ll be able to see what policy works out best for you.

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.

What type of life insurance will I need?

It’s 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’.

Term life insurance

Term life insurance policies run for a fixed period of time (known as the ‘term’ of your policy) eg. 10, 15 or 25 years - but only pay out if you were to die during the term of the policy. There’s no lump sum payable at the end of the term.

There are specific types of term cover available, such as:

• Level term life insurance, which has a fixed payout and premium.
   

• Decreasing term life insurance, often used to cover a mortgage. The payout decreases over time as you make repayments.
   

• Increasing term life insurance, where the premium increases overtime to protect its value from inflation. The monthly premiums may also increase.

Whole life insurance

With whole life insurance, 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.

Single vs joint life insurance

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 policies cover 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 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.

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

Already have a policy?

It’s great if you already have a policy in place, however, are you sure if it still meets your needs? Could you be getting a better deal? If you’re unsure, the team at Cavendish may be able to help you get a quote for cheaper life insurance. 

Get a quote online today

Once you’ve given this information some thought, it’s then really easy to arrange and compare life insurance online. Simply enter your details into our site, and we’ll ask some questions to generate quotes so you’ll be able to see what policy works out best 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.