UK Life Insurance Guide

Life insurance (or life assurance) is an insurance policy, with monthly premiums, that pays out a lump sum when the insured person dies. Most commonly the policy will run for a fixed period, and in this case is also known as Term Insurance. By its nature, life insurance is also a form of saving.

There are two distinct types of Term Assurance. With Level Term Insurance, the total amount insured stays the same throughout the policy term. These policies are often used to used to pay back a mortgage or loan (usually interest-only) upon the demise of the insured person.

The other type is Decreasing Term Assurance. Here the total amount decreases over the term of the insurance policy and is most appropriate in those situations where the insured person has taken out a loan or mortgage and is regularly paying back capital and interest. As the outstanding amount of the loan reduces, so to does the value of the life insurance needed to cover it.

Life insurance policies can be taken out to cover an individual or a couple (joint basis).

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Alternatively, here are some links to other popular life assurance providers in the UK: