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Life Insurance

Everybody knows what life insurance means, but choosing the right policy for you with the cover that best suits your family, can be a complex and time-consuming process let Revolution Finance Brokers explain and guide you through the different options.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2023-05-09
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What is a life insurance?

Protecting your family for years to come can be a great reassurance, particularly when considering mortgages and mortgage brokers are here to help you find the right policies for your lifestyle, and ensure that your insurance covers all those essential needs.

Why Do People Take Out Life Insurance Cover?

Life insurance cover is an insurance policy that you pay regular premiums into, normally every month. Depending on your policy, this insurance will provide a lump sum payment to your family or named recipient, should you die.

People choose a life insurance policy for several reasons, primarily as a guarantee that in the event of their death that their family and dependents will be well provided for.

This insurance is a type of financial protection, and will usually repay any long term lending, such as a mortgage, or may provide a lump sum payment for your recipients to spend or invest as they wish.

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How Does Life Insurance Work?

Every provider has different policies and terms, but generally, your insurance will be selected based on your age, current health, the value of pay out you wish to insure, and what volume of premiums you are comfortable with.

The cost of life insurance can vary significantly, depending on what level of cover you require. Usually, your insurer will ask you to confirm who the beneficiary will be should your policy be paid out against, and you will need to set a term indicating how long the agreement will last for.

Your insurance might be a lifetime policy, it may last for 20 years or may have a fixed date at which it expires.

What is Involved with a Life Insurance Application?

As with all insurances, the cost of the premiums will depend on the risk factor absorbed by the lender, as well as the pay out value in place.

Expect to be asked for information about your current health, any existing medical conditions and your lifestyle. These questions are to enable the insurer to provide an accurate quotation.

Make sure to disclose any relevant information, as should you not reveal a pre-existing medical condition this will render your policy obsolete should it ever be called upon.

How Do Life Insurance Pay outs Work?

The lump sum payable to your policy beneficiaries is called a death benefit. Should you die, this lump sum will be paid to the recipients named in your policy. Usually, the payment will be sent directly to them, although other arrangements can be put in place particularly for younger dependants.

Should you be unsure of what level of life insurance would be most appropriate for you, or not know what sort of policy to take out, give our team a call and we will be happy to help!

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

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Frequently Asked

Generally, no – if you should die, your beneficiary will need to submit a claim to the insurer. It is therefore important that your recipients know that you have a life insurance policy in place, should they ever need to make a claim.

Somebody else may initiate a claim on your behalf, but the pay out will only be released to the named recipient on the policy.

When a claim is made on a life insurance policy, the insurer will typically ask some questions and for some documentation. It can take around two months before a pay out is sent.

The information the insurer may ask for includes the details of the policyholder, information as shown on the death certificate, and your contact details and relationship with the deceased.

Choosing this type of insurance can be a difficult decision, with the additional cost of policy premiums. However, the decision is usually based on whether your family would be able to sustain mortgage payments were you no longer around, and for some families is a reassurance that, should the worst happen, they will remain financially secure.

There are no right or wrong times, but typically people choose to insure themselves at a significant time in their lives, such as the birth of a child, a marriage, or purchasing a new home.

Life insurance does not have to cover a mortgage and can be used for other purposes such as:

- Ensuring your partner or spouse is financially supported
- Preparing for future education costs for your children
- Setting money aside for funeral costs

Searching for insurance can be a minefield, so we always recommend using a broker to help you find the best deal

There are lots of price comparison websites, but these draw from a limited number of providers and are often not tailored, so can either end up not paying out should a claim ever be made, or not being specific to your requirements.

Things to consider before seeking a life insurance quotation include:

- How much cover you wish to be insured for
- Whether you need lifetime cover, or for a fixed time – e.g. until your mortgage is repaid, or your children reach a certain age
- Who you would like to be the recipient, or if you would wish to split this between beneficiaries
- Whether your lump-sum insurance should be in one go, or a regular pay out every month over a longer period

The policy you choose will depend on your circumstances, and it is vital to consider all the terms and clauses included. 

Joint life insurance policies are a good option for spouses or partners, and different types of insurance are available to suit your needs.

If you need any help finding the most competitive life insurance quotations, choosing a reputable provider and working out what sort of policy is best for you, give the team at Revolution Finance Brokers a call and we will run through all your options!

Life insurance can be for a lifetime or a fixed period. If you choose a limited period policy, this is referred to as the term life.

A longer-term agreement will carry higher premiums than a short-term but will last forever, without terminating at a specified time or event.

We always recommend seeking professional advice from an independent broker before purchasing any financial products. This is particularly important when signing up to a long-term regular cost such as insurance premiums.

Make sure you understand:

- What the premiums are, and whether they will increase if you are high risk, or encounter any medical issues 
- What happens if you contract a serious illness, and what causes of death are not accepted as pay out claim
- Whether any pre-existing conditions will affect your insurance application

Yes, you can! There are always policies available that are tailored to people living with medical conditions, whether long term or short term.

If you need to find the right life insurance provider for you, give us a ring and we will be happy to match you up with the best policy!

Our recommendation is to use a broker. There are many reasons why:

- Brokers have access to an unlimited network of providers
- Internet sites are restricted to their buy-in providers, and may not demonstrate the best value on the market
- Comparison websites often display out-dated premiums or do not match searchers with the most relevant providers

A broker can scour the market to find the best deal for you and has access to the most current market information.

Particularly if you require a large pay out policy, have an existing condition, or need help navigating the world of life insurance, a broker will almost certainly provide you with a cost-saving and a more generous policy term.

Get in touch with us today, and we will have you insured and reassured in no time!

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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