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Frequently asked questions
What is Life Insurance?
Life insurance is a financial product that provides a payout, known as a death benefit, to designated beneficiaries when the insured person dies. Its main purpose is to offer financial protection and security to loved ones by helping cover expenses such as funeral costs, outstanding debts, or loss of income. There are different types of life insurance—most commonly term life, which covers a set period, and whole life, which offers lifelong coverage with a savings component. Policyholders typically pay regular premiums, and in return, the insurer promises to pay the agreed amount upon the insured’s death, offering peace of mind and financial stability for those left behind.
Do I need Life Insurance?
You need life insurance to protect the financial future of those who depend on you. If you were to pass away unexpectedly, life insurance can help cover essential costs like funeral expenses, mortgage payments, debts, or day-to-day living expenses for your family. It’s especially important if you have children, a partner who relies on your income, or any financial obligations that would fall to someone else. Even if you're not the primary earner, your contribution—like childcare or household duties—has value that would be costly to replace. Life insurance gives your loved ones stability during a difficult time and ensures they're not left with financial hardship.
Can I put my policy into trust, what does that mean?
Putting a life insurance policy into trust means legally transferring ownership of the policy to a trustee or group of trustees, who manage it on behalf of your chosen beneficiaries. This has several key advantages. First, it usually keeps the payout (the death benefit) outside of your estate for inheritance tax purposes, potentially saving your loved ones from paying up to 40% tax on the lump sum. Second, it allows for faster access to the funds, since the money doesn’t have to go through probate—a legal process that can delay payment. Third, it gives you more control over who receives the money and when, which can be especially useful if you want to provide for young children or protect the payout from misuse. Trusts can be simple or flexible depending on your needs, and while setting one up is usually free when arranging a policy, it’s a good idea to get professional advice to ensure it’s done correctly.
Can i increase my cover or change the term of the policy after its started?
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Yes, in many cases you can increase your cover or change the term of a life insurance policy after it has started, but it depends on the type of policy and the insurer’s terms. Some policies include a guaranteed insurability option, which lets you increase your cover after major life events—like getting married, having a child, or taking out a mortgage—without needing a new medical assessment. If your policy doesn’t include this feature, you may still be able to request a change, but the insurer might require new underwriting, which could involve answering health questions or undergoing a medical exam. Extending the policy term is less commonly allowed and often means taking out a new policy altogether. It’s best to check with your insurer or adviser to understand what’s possible with your specific plan.
Do you give advice?
If you’d like advice on any aspect of your life insurance please visit our advice page and complete the call back request form or call the number provided to speak to an adviser. There’s no hard sell or pushy sales people, just fair and honest advice tailored to your circumstances.
How much cover do i need?
The amount of life cover you need depends on your personal circumstances, but a good starting point is to calculate how much money your loved ones would need to maintain their standard of living if you were no longer around. This often includes:
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Outstanding debts (like a mortgage, credit cards, or loans)
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Living expenses (such as household bills, childcare, and education costs)
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Future needs (like university fees or long-term care)
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Funeral costs
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Any income you would want to replace for a set number of years
A common rule of thumb is to aim for 10 to 15 times your annual income, but your needs may be more or less depending on your family size, lifestyle, and financial goals. An adviser or online life insurance calculator can help tailor the amount to your situation.
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