Every day, we take calls from people who are searching for life insurance for the first time.

Often, they know they want some form of financial protection for their loved ones. However, they’re not sure exactly what they’re looking for or how it works.

If that sounds familiar, don’t worry. Life insurance might sound complex, but its core principle is actually quite simple. It’s there to provide your family with a tax-free cash payment if you were to pass away or be diagnosed with a terminal illness.

We promise it’s as straight-forward as that!

Your life insurance policy will be built around the type of life insurance plan you’ve chosen, the amount of financial cover you need and whether you have any pre-existing conditions.

So, to simplify this for you, let’s break it down.

What is life insurance?

Life insurance is a contract between you and an insurance company. Over the course of a pre-determined time frame, you’ll pay regular premiums towards your cover. These are usually due each month or each year. In return, if you pass away during that time frame, the insurance company will guarantee a tax-free cash payment to your chosen beneficiaries.

This payout can be used as a financial cushion for your loved ones. This can help them manage day-to-day living costs, pay off any debts or simply act as an inheritance.

What types of life insurance are there?

Most life insurance policies come under one of two brackets. These are:

• Term Life Insurance: This offers insurance protection for a specific period, usually between 20 and 30 years. Premiums are generally lower, but if you outlive the term, your policy will expire and you will not receive any payout after that point.
• Whole Life Insurance: This is precisely what it sounds like. Whole life insurance protects you for your entire life, regardless of what age you pass away. However, as you may expect, premiums are typically higher.

Beyond this, there are other options, such as decreasing life insurance plans (also known as mortgage life insurance), where the potential payout drops over time or joint life insurance policies, which you can take out with a spouse for dual protection.

Here at The Insurance Surgery, one of the reasons we are so trusted by policyholders is that we’ll sit and take the time to talk to you about your options. We won’t assume that you already know what’s the best option for your family, nor will we make the decision for you. Instead, we’ll explain the pros and cons of each policy type so you’re confident you’re making the right choice for you.

Find out about specific family life insurance plans.

What does life insurance cover?

Life insurance policies are all-encompassing and will typically pay out for almost any physical or mental health condition.

In most scenarios, a straight-forward life insurance plan will pay out if you pass away due to ill-health, natural causes or an accident.

They will also cover hundreds of different types of pre-existing conditions while simultaneously protecting you if you work in a dangerous occupation or you have a particularly risky hobby.

Pre-existing conditions shouldn’t hold you back.

Often, people are worried that they wouldn’t be eligible for life insurance because they were previously diagnosed with a medical condition or because they have a family history of serious illness.

We don’t want you to ever worry about that.

Our access to the whole market means that we can match you to an insurer who will understand that having a pre-existing condition doesn’t mean that you can’t live a healthy life. We’ve secured affordable premiums for people who have overcome cancer, recovered from a heart attack or been diagnosed with diabetes.

If you’ve searched elsewhere and were previously declined for life insurance, talk to us. On average, 70% of people who have been rejected for life insurance elsewhere get accepted by us.

Are you working in a dangerous job?

Sometimes, going to work can be dangerous. Perhaps you’re in the army, or you’re a firefighter or you work on a construction site.

Life insurance is readily available for people working in dangerous occupations. Insurers may want to learn a little more about your level of training, how health and safety assessments are managed, what machinery is used and what risks you face. But once we have that information, finding you a life insurance plan will be relatively straight-forward and easy to do.

What about thrill-seeking hobbies?

We can also find life insurance for thrill-seekers. Perhaps you spend your weekends competing in motorsports, or maybe you’re a scuba diving enthusiast. You might even love to paraglide or skydive regularly.

If this sounds familiar, then talk to us. Typically, extreme sports are not a barrier to life insurance, especially if it’s a one-off. But if your lifestyle involves regular thrill-seeking activities, you should let your insurer know. This guarantees that your policy will pay out when you need it to.

We’ll build a policy around you.

The good news is that life insurance plans are fluid. You can regularly review your life insurance policy to make sure that you’ve always got the proper protection in place. So, if you’re ready to get started with planning a flexible life insurance policy, then why not talk to a member of our team today?