Dying is super inconvenient for all involved, so having your finances in order can make things a little easier.

What is Life Insurance?

Life Insurance is pretty simple. You pay a monthly fee, and if you die a lump sum of money (‘payout’) is left to the people you leave behind, meaning money is one less worry for them.

  • Protect your family and home.
  • Insure yourself for up to £1,250,000.
  • Term and lifelong options available.
  • Starting from £5 per month.^

Do I need Life Insurance?

If you have people that depend on you – which is pretty much everyone, then we think it’s essential. The real question is if you died, could the people you love:

  • Cover the mortgage or rent.
  • Pay for your funeral.
  • Carry on working & cover child care.
  • Deal with day to day living costs.

“If anyone's going to be financially impacted by your death, you should have Life Insurance.”

Dan Langford - Neilson Place Financial Adviser

How much does Life Insurance cost?

The average Life Insurance policy in the UK costs £15.85. We can find Life Insurance from just £5 per month. The monthly fee you pay is impacted by:

  • How much you want to leave behind (‘payout’).
  • How long you want the policy to last. (‘term’)
  • Your age.
  • Any pre-existing medical conditions.
  • If you smoke (vaping included).

Will my Life Insurance actually payout?

The reality is Life Insurance has super high payout rates. On average 98.3%* of claims in the UK result in a successful payout. A lot of our insurers have payout rates as high as 99% – we only work with the best.

Want more info? Check out the payout rates for some of our insurers here!

What are the different types of Life Insurance?

There are three types of Life Insurance:

Level
Level insurance lasts for a preset amount of time & has a fixed payout amount. You select the number of years you’d like to be covered and how much you want to be paid out if you die.

Whole of Life
Does what it says on the tin. Insurance that lasts for your entire life, with a fixed payout.

Decreasing
Similar to Level, Decreasing insurance lasts a preset amount of time. The only difference is your payout reduces as your policy ages. We’d usually recommend this if you’re trying to cover a specific debt – like a mortgage.

How long does Life Insurance take to payout?

A claim can be made immediately after you’ve passed away & takes on average 1 month to payout.  A death certificate will need to be given to your insurer when a claim is made.

You can request a copy of a death certificate from the General Register Office.

Are there any exclusions?

All insurance providers have their own exclusions and conditions. Our expert advisers are masters at pouring over the small print, so you don’t need to sweat this. We make sure you’ve got cover that does exactly what you want.

Does Life Insurance come with any extra benefits?

Sure does! Most of our insurers included their own extra perks alongside Life Insurance. Our expert advisers always keep their eyes peeled for these, to make sure you aren’t missing a trick.

Some perks you might find are:

  • Children’s life cover (pays up to £10,000 if a child dies)
  • Private medical support
  • Discounts & rewards at select retailers
  • Best doctors (Get a second medical opinion to make sure you’ve got the right diagnosis)

Key points:

Does Life Insurance actually payout? - On average 98.3%* of claims in the UK result in a successful payout.

The average Life Insurance policy in the UK costs £15.85 - we can find Life Insurance from just £5 per month.

You pay a monthly fee - and if you die a lump sum of money is distributed to the people you leave behind.

Neilson Place are experts in financial advice.
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