What is life insurance?

Life insurance, which can also be known as life cover or life assurance is a type of policy that offers peace of mind to you and your loved ones. It can help minimise the financial impact that your death could have on your family.

Most life insurance policies are designed to pay out a cash sum to your loved ones if you die while covered by the policy. It can help them deal with everyday money worries such as household bills, childcare costs or mortgage payments.

You choose the amount of cover you need and how long you need it for. You can take out life insurance under joint or single names and you can pay your premiums monthly or annually. For more help, take a look at our life insurance calculator or speak to your financial adviser.

Do I need Life Insurance?

The answer to this depends on your individual circumstances. But if you have you people that depend on you financially, such as children or a partner who relies on your income because of costs such as a joint mortgage, then life insurance could be a way of helping to protect then financially. 

Is life insurance only for people who have children?

Having a child is one of the reasons people start to think about life insurance. But if you have a mortgage on a home which your partner would struggle to pay if you were to die, then this can be another reason to consider life insurance.

Our Life Insurance policy could be suitable if you have an interest only mortgage, as the cash sum that could be paid out could help to pay off the mortgage. It could also be used to help your family with everyday living expenses or child care costs. 

We also offer Decreasing Life Insurance which is designed to help protect a repayment mortgage so the amount of cover reduces roughly in line with the way a repayment mortgage decreases.  

Please remember that life insurance is not a savings or investment product and has no cash value unless a valid claim is made.

Find out more about our products.

Related articles

What type of life cover do you need?

Use our life insurance decision tree to help you work out what type of cover might suit your needs and personal circumstances.

Life insurance calculator

Use our life insurance calculator to help you work out how much cover you might need.

Life insurance news and guides

From information about different types of life insurance to articles about looking after your health and well-being - check out our wide variety of articles and guides.