Life insurance Plans 

The importance of having a life insurance plan can’t be underestimated. Nobody wants their family to be without any financial security when they pass away. However, it's never too late to prepare for the potentially difficult times ahead.

Whatever stage of life you’re at, there’s a variety of options and policy types available to suit your needs. With the advent of the internet, it’s never been easier to arrange and compare life insurance cover online. However, choosing the wrong policy or not understanding your life insurance plan could leave you underinsured.

The Cavendish Online team 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.

Which type of life insuranc plan is right for me?

If your children, partner or other family members depend on your income to cover their living expenses and the home they live in, you should definitely 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 probably much lower than you’d expect.

You can also get life insurance to cover a mortgage. This type of policy plan ensures your family isn't left strapped for cash due to shelling out on monthly payments.

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 smoke), medical history and lifestyle are just a few factors that are considered when applying for cover, and how much your monthly premiums (payment amount) will be.

Compare Life Insurance quotes online...

Types of life insurance cover

The 2 main types of life insurance are 'term' life insurance  and 'whole-of-life' insurance (also known as 'life assurance').

‘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 policy term. There’s no lump sum payable at the end of the term. It has 3 levels of cover:

  • Level term

  • Decreasing term (also known as mortgage life insurance)

  • Increasing term

‘Whole-of-life’ insurance policies pay out regardless of when you die, as long as you keep up with your premium payments. It also provides a fixed benefit amount along with a foxed cost for your monthly premiums.

Bear in mind, life insurance usually only covers death. If you can’t provide for your family because of illness or disability, you typically won’t be covered.However most life insurance policies provide a terminal illness benefit or have an option to add critical illness cover.

A terminal illness benefit will pay out on diagnosis of a terminal illness (that meets your provider's definition) and critical illness cover is designed to cover you in case you get a specific type of life-changing condition (again, which meets your selected provider's definition).

Life insurance should also be thought of as good value for money, especially when you consider that it could work out at just a few pence a day and the younger you are when you buy it, the cheaper your monthly premiums will be.

Apply for life insurance with Cavendish Online

We have plenty of useful information and guides on our website, in particular to the difference between ‘term’ life insurance and ‘whole-of-life’ insurance (also known as life assurance).

If you're buying life cover for the first time, our expert advisors can provide the guidance you need to choose the best 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 - that’s where Cavendish can help.

Speak to us at Cavendish Online today for more information and to get a quote for life cover, call us on 03456 44 25 40. Take a look at the routes we offer for applying for an online quote.

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)

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