2024 brought its fair share of challenges, such as the continuation of the UK's cost-of-living crisis and other uncertainties worldwide. However, 2025 brings in a new year, and even though nobody knows what the future holds, everyone knows what and who’s important to them; perhaps now more than ever.
Do you have children, a partner or other family members that depend on your income to cover their living expenses and the home they live in? In that case, you should make your New Year's resolution to consider family life insurance to help provide for your loved ones in the event of your death.
You can’t rely on the government to take care of your family – the money they would get from the state is much lower than you’d probably expect. Here are a few tips to think about if you plan to take out life insurance in 2025.
Get life insurance online...
A resolution worth sticking to
The good news is, if you’re looking for a life insurance policy, there’s never been a better time with all the online life insurance options now available.
It also should be considered good value for money, especially when you consider that it often works out at just a few pence a day and the younger you are when you buy it, the cheaper your monthly premiums will be.
To understand what type and level of life insurance 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’re a smoker) and occupation are just a few factors that are considered when applying for cover and how much your monthly premium (payment amount) will be.
The 2 main types of life insurance are term life insurance and whole of 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. This is seen by many as ‘Mortgage Life Insurance’, as it could be used to help your dependants pay off your mortgage in the event of your death. It’s also often sold as a decreasing term policy so, as you gradually pay off your mortgage, any payout would incrementally reduce over time.
Whole of life insurance policies payout regardless of when you die, as long as you keep up with your premium payments. Your premiums also remain fixed during the policy. It's a good option if you wish to have on-going protection for your loved ones heading into the future.
If you and your partner share financial responsibilities, it may also be beneficial to consider a joint life insurance policy. This type of policy covers two people under one policy and typically pays out upon the first death. This could provide either spouse with a lump sum to help ease financial burdens during a difficult time.
Get a quote
At Cavendish Online, we’re committed to providing our customers with the information they need to make an informed choice about what kind of policy is right for them. Before you take out cover, why not get a quote through us to see how much your policy could cost?
You can compare low-cost life insurance quotes and could be covered within 30 minutes.! All you need to do is provide some details such as:
Your name and date of birth
The type of policy you wish to buy
The total amount you wish to be covered for
How long you want the policy to last (if it's a term policy)
Whether you have health conditions to disclose
If you're applying by yourself, we recommend that you know exactly what you need, are generally in good health and are confident to write your policy in trust.
You can also apply with guidance from our life insurance experts, they'll be able to answer any questions you have and help you to choose a policy. This can be helpful if you have health conditions or are just generally unsure about what type of cover is best suited for your situation.
Get In Touch
Whatever this new year shall bring, make sure you have your life insurance sorted.
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.
Get a quote now...
Click here to get a quote online
Alternatively, if you'd rather speak to us please call:
03456 44 25 40(Monday to Friday, 9am to 5.30pm)
