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Life Insurance

A one-off payment to support your family when you’re not around

Make the best of the worst happening through financial support for your loved ones.

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Who will care for your loved ones when you’re gone?

It’s not something anyone wants to think about, but ensuring those you care about are looked after in the event of your death can bring great peace of mind.

Life Insurance provides a large, tax-free payment or ongoing monthly payments to your beneficiaries, helping them cover living expenses and more when you’re no longer able to.

Support for what matters

A Life Insurance payout could help your loved ones pay off a mortgage, clear outstanding debts or simply provide them with an income to replace yours.

It’s an important aspect of your financial planning to get right, which is why we work closely with you to ensure the cover you choose is affordable and meets your needs.

Our Life Insurance experts will look at how much is left to pay on your mortgage, your family’s monthly expenses and other key factors to determine the ideal policy for you.

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Do you run a limited company?

If so, you could move the cost of your Life Insurance payments to your business expenses and save thousands with Relevant Life Insurance. The flexible, tax-efficient alternative to Life Insurance, Relevant Life provides immediate savings without impacting your existing benefits while still offering a tax-free payout.

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Is it time to make sure your loved ones are covered?

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Do I get any money back if I don't die before the Life Insurance Policy term ends?

No. There’s no cash value at any time. At the end of your Life Insurance policy term, you stop making payments and your cover ends.

Will my payments on my Life Insurance policy change?

If you choose level or decreasing cover, your monthly payments are guaranteed to stay the same for the duration of your policy.

For decreasing Life Insurance, premiums are set at the start of the policy to consider the decreasing amount of cover you’ll need during the policy term. Premiums for decreasing cover are often cheaper than other types of life insurance.

With level cover, if you choose to help protect your payments from the effects of inflation, so the lump sum won’t be worth less in the future, your monthly payments may rise.

With index-linked cover life insurance, your death benefit increases over the life of the policy. This type of insurance can provide extra protection as the years go by to cover growing expenses, like a new house or bigger family, or protect your death benefit from inflation. The advantage of increasing/ index linked cover term insurance is that you don’t have to predict inflation – the policy will do this for you, but at a cost. Also, your increases are automatic and won’t be hindered if your health changes.

What’s Life Insurance with decreasing cover?

If you have a Life Insurance plan with decreasing cover, the cover amount decreases over time, broadly in line with the repayment mortgage or long-term loan that you’re repaying. Your premiums stay the same during the term of the policy, unless you make changes to the cover. Decreasing cover usually costs less than level cover.

The policy will pay out if you die, or are diagnosed with a terminal illness and aren’t expected to live longer than 12 months, during the policy term. The policy only pays out once and has no cash value at any time.

What is Terminal Illness Cover?

Terminal Illness Cover will pay out when you contract an illness/ disease that has no known cure or has progressed to a point where it cannot be cured, and you aren’t expected to live longer than 12 months.

What's the difference between Life Insurance and Over 50s protection?

The main difference is that Life Insurance is a term policy, so it covers you for a specific amount of time, while Over 50s cover is a whole of life policy, so it covers you for the rest of your life.

Typically to take out a Life Insurance policy you need to be aged between 18 and 77 to apply, and your coverage stops at the end of the policy term. You choose a cover amount, and if you want your cover to remain the same, be protected from the effects of inflation, or decrease over time broadly in line with a repayment mortgage or loan. You can take out a single or joint life insurance policy.

If you’re not sure which one might be right for you, speak to a Broadbench financial adviser.

What’s the difference between Relevant Life and Life Insurance?

Life Insurance is cover that you pay for with your own money. However, if you are set up as a limited company, you can pay for your Life Insurance through your business, as a tax-deductible expense, saving you 20%. This is known as Relevant Life Insurance.

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