Life Insurance
“Leave the ones you love with financial support”
What is Life Insurance & Do I Need It?
When you pass away, your loved ones may get financial help from a life insurance policy in the UK & Belfast. It may provide a lump sum payout that can be used to pay off existing debts, such as your mortgage, and provide your family with cash to cover living expenses. If you’d rather, you can set up a regular income thanks to some policies.
Although it’s not required by law, having life insurance in Belfast & Northern Ireland can provide you the assurance that your family would be taken care of financially in the worst-case scenario.
It’s also important to keep in mind that some mortgage lenders may need you to carry life insurance in the UK & NI before making a loan offer. As a result, if you pass away, your mortgage will be paid off.
What are the Types of Life Insurance?
One of the most popular types of life insurance in the UK & Northern Ireland is called ‘term’ insurance. This pays either a lump sum or a regular income if you pass away within an agreed period (or ‘term’), depending on the type of policy as explained below.
The two main types of term life insurance coverage in the UK & Belfast are level-term life insurance and decreasing term life insurance.
- Level-term Life Insurance Belfast – covers people for a period of time and typically offers a fixed lump sum of money to a dependent if you pass away during that time period. You could choose this to ensure your financial commitments, such as childcare costs, can still be paid.
- Decreasing Term Life Insurance Belfast – is a type of life insurance that’s often (but not always) bought to clear a specified debt that itself decreases over time. This type of cover is often taken out to cover mortgage repayment costs.
There are many other types of life insurance in Belfast & Northern Ireland to think about, including critical illness cover and whole of life insurance.
The level of life insurance cover in the UK that’s right for you will depend on your personal circumstances. There are many options including whole of life insurance, over-50s life insurance cover, and joint life insurance policies.
It’s important to compare quotes and find the right policy based on your needs, personal circumstances and budget. Life Expert offer an advised service so we will explain to you what you should be covered for, how much cover you should have and explain your options.
- Whole of Life Insurance Northern Ireland– this type of life insurance guarantees a payout as it covers a person for their whole life. If your health deteriorates then your premium won’t be affected. However, whole of life insurance policies tends to be more expensive than others.
- Over-50s Life Protection Northern Ireland – tend to offer a smaller pay-out to cover things such as funeral expenses. The amount you pay for your life insurance premium is guaranteed so it won’t go up or down. Please note there may be a deferral period before you can make a claim.
- Joint Life Insurance Belfast – these are often chosen by couples. You choose an amount of cover, which is paid out if you or your partner passes away during the term of the life insurance policy. Joint Life insurance policies in Northern Ireland would pay out once, so upon the first claim, the policy would then end.
How Does Life Insurance Work?
When a policyholder dies, their life insurance policy in the UK & NI pays out, frequently in the form of a lump sum payment. If you pass away during the policy’s term, which can be a specific number of years or your entire life, it will pay out to the persons you’ve designated as beneficiaries.
When taking out a life insurance policy, you’ll want to consider the following:
- Cover Amount: The income your family or dependants will need to cover living costs without your contribution – mortgage or rent, debts, childcare, education, and funeral costs.
- Length of Policy: Think about your circumstances and how they might change with time. For example, how long your dependants will need financial support or when your partner expects to retire?
- Joint vs Single Life Policy: A joint life insurance policy in the UK & NI can often be cheaper, but it only pays out once – when the first person passes away. With separate policies, when one pays out, the other policy will continue.
Families Protected
Did you know? According to the Association of British Insurers (ABI),98% of all life insurance claims were paid in 2021, totalling a record of £6.8 billion.
How Much Life Insurance Cover Do I Need?
The level of life insurance coverage in Belfast & the UK that is right for you will depend on your unique situation. Typically, your premium will increase when you take out more coverage. Underestimating, though, could be detrimental to your loved ones.
Don’t forget to account for how the situation may evolve. You could have to pay more for childcare or elder care if a non-working partner passes away. You might need to work fewer hours to be there for your children or other dependents if a working partner passes away.
Life Insurance Calculator UK
If you’re looking for the price of life insurance in Belfast & Northern Ireland, Life Expert’s UK Life Insurance Calculator is the first step toward a tailored, free UK life insurance quote that meets your needs. You’re just a few short questions away from knowing the minimum amount of cover you’ll need to ensure your loved ones are protected.
Life Expert
Life Expert’s UK advised service will help you get the best UK life insurance policy at the best price. Our life insurance experts make getting life insurance in Northern Ireland & the UK feel less complicated. Give us a call free of charge on:
0300 303 5758
How Can I Get the Cheapest Life Insurance?
One of the primary factors for many people when determining whether to purchase coverage is the cost of the policy.
However, the cheapest life insurance in Northern Ireland & the UK isn’t always the best life insurance in the UK. The best-value policy is one that provides the level of protection you require at a cost that works for you.
Check out the following advice for getting a cheaper UK life insurance price if you want to know how to save money on Northern Ireland & UK life insurance without compromising your level of coverage:
- The earlier, the better
It will be less expensive to purchase life insurance in Northern Ireland & the UK when you’re young and healthy than it will be to wait until you’re older.
- Be truthful
White lies or omissions may make it simpler to obtain a low-cost life insurance premium, but your beneficiaries may lose any payouts that are owed and may wind up with nothing if you do so. Ask your insurance provider for advice if you’re unclear about how to respond to specific queries.
- Stay healthy
Healthy lifestyle habits like working out, eating a balanced diet, and quitting smoking may minimise your risk and enable you to obtain life insurance at a cheaper price.
- Buy life insurance with critical illness cover
Frequently, purchasing critical illness cover in Northern Ireland & the UK along with your life insurance policy will be less expensive than purchasing two separate life insurance policies.
- Put your life insurance in a Trust
If your estate is worth more than £325,000, placing your life insurance policy in a Trust will offer you more control over who receives the proceeds and may even enable them to avoid paying inheritance tax.
- Check your cover every now and then
If you have suffered any significant changes, such as a marriage, the addition of new family members, or a divorce, you should examine your policy to make sure it still satisfies your needs.
- Compare prices
To make sure you’re receiving value for your money, examine the cover levels and exclusions of several policies in addition to the price.