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Also known as “Life Cover” – it pays out a lump sum to your chosen loved ones in the event of your death.
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Life Insurance, also known as Life Cover, pays out a lump sum of money if you die within the policy term. It’s designed to provide a financial safety net for your loved ones in the event of your death. You choose the amount of cover you want (also known as the sum assured) and how long you want the policy for (the term). You pay a monthly premium to the insurer and if you pass away during the term of the policy the benefit is paid to your chosen beneficiaries. The lump sum can be used however they choose – including paying off the mortgage or helping with everyday living expenses.
There are different types of Life Insurance:
Designed to pay off your mortgage if you pass away during the term
The benefit amount and the term of the policy would usually mirror your mortgage balance and term. Since your mortgage balance typically decreases each year, the payout amount also reduces accordingly. You’ll pay a monthly premium, which continues until either the policy pays out (if you pass away during the term) or the term ends.
Because the benefit amount decreases over time, this option is usually more affordable than a level-term policy. However, if you’re looking to leave a lump sum for your dependents to cover other debts and/ or ongoing expenses, a Level Term Life insurance policy may be a more suitable option. It is also an option to have both if your budget allows.
The most straightforward type of Life Insurance
When you take out a policy, you choose a fixed benefit amount and the number of years you’d like to have the policy in place for. The coverage amount stays the same throughout the policy’s duration. You’ll pay a monthly premium, which continues until either the policy pays out (if you pass away during the term) or the term ends.
The cost depends on the level of cover you choose and how many years you’d like to have the policy in place.
It’s a difficult subject, but it’s important to consider how your family would manage financially if you were to die. What would be the impact of losing your income? Do you have any savings or assets that could support your dependants if you weren’t around?
A Life insurance policy could offer you that peace of mind – providing a lump sum at a difficult time.
However, there are other protection products that may be more suitable for you. For example, if you’re young and living in rented accommodation, with no dependants Critical Illness Cover or an Income Protection Policy may be more appropriate. They could offer financial protection for yourself should you be unable to work due to illness or injury.
Our expert advisers will talk to you about your circumstances and work out the most appropriate protection option/s.
The main factors to influence the cost are the level of cover you’d like (benefit amount) and how long you’d like the policy for.
Personal details such as your age, your health, smoker status and occupation will also have an affect.
We can design a policy to suit both your needs and budget.
Give us a call to find out more.
Combining Life Insurance and Critical Illness Cover is generally recommended, essentially providing the broadest cover. It’s designed to protect you and your family in the event of you being affected by a specified illness, or if you die.
Most Insurers offer multi-benefit products, which can offer more flexibility, consolidating differing coverage needs under one policy. For example, allowing you different amounts of cover for Life Insurance and Critical Illness cover. If you make a successful claim on the Critical Illness part of the policy, the Life Insurance part of the policy will continue.
Children’s Critical Illness cover is insurance that can pay a lump sum to help families if a child becomes seriously ill with a specified critical illness. It’s designed to help with the financial strain of caring for a seriously ill child, to help with medical costs, home adaptations or to help make up lost income. Some Insurers offer Children’s Critical Illness cover as an optional ad on to Life Insurance. Whilst most Critical Illness (link to Critical illness cover) policies cover children automatically, not all do, and some insurers will offer it for an additional fee. It is also possible to take out a standalone Children’s Critical Illness policy if you don’t have a Critical Illness policy yourself that covers your children. Our advisors can help with this too.
With both Decreasing and Level Term Life Insurance Policies, it’s possible to have a joint policy with someone. If you’re married, in a relationship or cohabiting, you can choose two individual policies, or one joint policy.
If you have two single policies, you will pay two separate monthly premiums, and each partner will be covered in their own right.
The main difference between the two is that joint policies typically operate on a ‘first death’ basis. This means the policy will only pay out once. When the first partner passes away, the policy pays out and then ends. The surviving partner is no longer covered under that policy and would need to apply for a new one if they want to remain insured.
If your policy is a joint policy, the benefit amount would automatically be paid to the joint policy holder in the event of your death.
If your policy is a single policy, it’s important to put your Life Insurance into Trust, to provide certainty that your loved ones will receive the insurance payout they need as quickly as possible. Our advisors will be able to answer any questions you have about Trusts and help with completing the process.
There may be Inheritance Tax benefits to putting your policy in Trust. A tax advisor would be able to advise you on this.
Claiming on a protection insurance policy is something you hope you never have to do, but it’s the ultimate reason for the cover in the first place.
Insurers do not look for a reason to not pay out. It is very important when initially applying for insurance that you answer all questions accurately and honestly as non-disclosure could affect the amount your policy will pay out or invalidate it.
See Life Insurance claims statistics
If your vapes contain nicotine, then yes, insurers will consider you a smoker if you’ve used any tobacco or nicotine products in the past 12 months, including vapes, cigars, roll-ups, tobacco, and patches.
While some insurers may be more lenient about vaping, it’s crucial to be truthful on your application. Providing false information could result in your policy not paying out if you ever need to make a claim.
Most Life Insurance policies will pay out upon diagnosis of a terminal illness – typically defined as a condition that is fatal, and expected to lead to death within twelve months. This definition may vary slightly from insurer to insurer.
In most cases you can get Life Insurance with a pre-existing health condition. All insurers will assess your circumstances in a slightly different way. To determine the options available to you, we’ll need to understand the nature and severity of your health condition, then our experienced advisors will be able to tell you what’s possible and at what cost.
It’s possible to take out a Life Insurance policy up to age 70, with a term that runs until you are 90 years old. However, this does vary from insurer to insurer and typically the older you are when you start a policy and/ or the higher the age your policy runs until is likely to make your monthly premiums more expensive.
Our expert advisors will be able to advise which polices would best suit your needs.
Yes, you can have multiple life Insurance Policies. Your circumstances can change over time—debt or living expenses may increase, you might move to a more expensive home, or your family could grow. In these situations, it’s a good idea to review your finances and ensure your life insurance still meets your needs. You may need to adjust your coverage by amending your current policy or purchasing an additional one to fill any gaps.
The important thing is to have enough cover to meet your needs, at a cost that’s affordable to you.
Taken from Aviva’s 2024 Claims and Wellbeing Insight report
99.3% of all life and terminal illness claims paid£761.7 million paid out40,436 claims paid£18,837 was the average payout
Claims not paid
*dependent on age
Today’s insurance policies offer so much more than just a claim payout for the insured event
As well as inclusive benefits, there are optional extras too. See examples
Insurers also offer options for enhancing your cover for an additional amount.
A valuable benefit particularly for those that are manual workers, self-employed or have limited employer sick pay. An injury like a broken bone could put you off work for weeks, if not months. Fracture Cover provides a financial cushion that allows you to concentrate on getting back on your feet and will help with the extra costs an injury can cause, such as childcare, travel costs or equipment for mobility.
Available as an optional add on with many providers and as a core benefit of some income protection policies. The cover varies significantly between providers in terms of the monthly cost, the payouts and policy conditions. It’s important to be aware of any exclusions, commonly related to high risk activities such as rugby, horse riding and martial arts.
Launched in May 2024, Accelerate provides access to experts from around the world to offer a package of medical care services for cancer, heart and neurological conditions. It gives you more choice than standard medical care in the UK, with fast access to consultations, diagnostics and second medical opinions. It can also help you access the latest precision cancer medicine and clinical trials; as well as treatment abroad at some of the leading hospitals in the world.
Accelerate is comprised of six individual services;
You can use as many or as few as you like and can access these at any point. You don’t have to follow a linear path and you can choose to combine Accelerate with services offered by public healthcare or your current healthcare provider if you want to.
Accelerate is a complementary service to both public and private healthcare and is not intended to replace either. It gives you an alternative route and should be taken up in consultation with your GP. It’s all about giving choice and offering greater control over your healthcare decisions.
Anyone using the services are also supported by case managers who provide reassurance and help to navigate your healthcare journey. If you choose to receive treatment abroad, Accelerate will organise the travel, accommodation and daily allowance as well as providing you with the option to be supported by two travelling companions.
Children’s Critical Illness Cover is insurance that can pay a lump sum to help families if a child becomes seriously ill with a specified critical illness. It’s designed to help with the financial strain of caring for a seriously ill child, to help with medical costs, home adaptations or to help make up lost income.
With Children’s Critical Illness being the fourth most common reason for a claim on Critical Illness Cover (source – Aviva 2024 Claims and Wellbeing Insight), an increasing number of insurers are offering Children’s Critical Illness as a bolt on to any adult policy. Cover is available from £10,000-£100,000 with options including Standard and Enhanced cover.
Whilst many Critical Illness Policies cover children automatically, not all do, and some insurers will offer it for an additional fee. Some Insurers offer Children’s Critical Illness cover as an optional ad on to their Life Insurance Policies.
It is also possible to take out a standalone Children’s Critical Illness Policy if you don’t have a Critical Illness Policy yourself that covers your children. Our advisors can help with this too.
We’ll help find the policy that works best for your individual situation.
Aviva’s Global Treatment provides clients with access to international facilities, doctors and treatment all over the world. Having access to medical experts and treatment globally could make a difference to your outcome. Global Treatment gives you the option to pursue recommended treatments without having to worry about arranging and paying for treatment, travel and accommodation. If subsequent trips abroad are required for follow-up treatment, these are also covered by the plan. Aviva Global Treatment will pay a maximum of £1 million a year and a maximum of £2 million over the policy term. It is provided in conjunction with Further and available as an optional extra with Life Insurance+, Critical Illness+, Income Protection+ and Living Costs Protection for an additional £3 per month (reviewable)
Here at PSG Financial Consultants, we have firsthand experience of how valuable Aviva’s Global Treatment can be. It was used by a family member of one of our advisors this year.
Kevin’s Global Treatment journey.
“I’m pleased to share my journey with Global Treatment”
As buy to let Landlords, my wife and I were advised to take Aviva Global Treatment cover as part of our protection.
Little did I know at the time that I’d need to call upon the policy. Having been diagnosed with a heart murmur, I was referred to a specialist and following further investigations, I was advised that I had a defective mitral valve. They told me I was best to have it treated sooner rather than later as it would only get worse over time. I was on the NHS waiting list for treatment but with no clear date on when they would be able to do it. This had a huge impact on my life being usually busy and active I was forced to take things easy and suffered from laboured breathing and tiredness. Not knowing when I was going to be seen left me feeling in limbo, it was around this time I turned to my Aviva policy.
Being a little sceptical about where I’d be offered the treatment, I was pleasantly surprised to be given the choice of 3 hospitals; one in Germany, one in Italy and one in America. Having researched each, I chose to be treated in the renowned Mount Sinai Hospital in New York. I was impressed with the speed and efficiency of the whole process including the travel arrangements for getting myself and my wife to New York, all expertly handled by Further Underwriting International S.L.U. We were collected from home by private car hire and taken to the airport. We were met in New York and transported by private car hire to the hotel, again the hotel of our choice from a number offered to us.
After a stay of 3 weeks, during which I had a successful operation to repair my heart valve by a renowned surgeon, we returned home. The full cost of the treatment, flights and accommodation was covered.
I have to say, for such a small monthly payment, this is a great policy. I was delighted with how myself and my wife were treated by AVIVA/Further Underwriting, with so much compassion, patience and understanding. I would have no hesitation in recommending this policy.”
From the first chat, through the entire duration of the products we recommend for you. you’ll have the ongoing support of our advisors and administrative team.
Once you’ve taken out an insurance policy recommended by one of our advisors, they will reach out to you at regular intervals during the term of the policy to have a chat about your circumstances and ensure that the cover continues to meet your needs.
Here are some common examples of when a review may be necessary:
If you’ve increased your mortgage amount, or the term of your mortgage to move home, it’s sensible to review your Life Insurance. Any change to the outstanding repayment amount or the term of your mortgage should be reflected in your Life Insurance so you have enough cover for as long as you need it.
Life Insurance and Critical Illness Cover providers often offer an option to add Children’s Critical Illness Cover to an existing policy. It’s hard to contemplate the prospect of a child becoming ill, but without a financial safety net the thought is even more sobering.
An Income Protection policy benefit amount is usually based on a percentage of your salary. A lot can happen during the term of an Income Protection policy. If you’ve had a pay rise, it’s likely there will have been changes to your outgoings too. It makes sense to review your Income Protection benefit amount in line with your increased income.
In the event that you need to make a claim on an insurance policy we’ve arranged for you, we will be on hand to help you with the claims process, every step of the way.
See Insurance claims statistics
After the death of a loved one there are some practical things that need doing, like registering the death and arranging a funeral. These tasks can be a welcome distraction, or simply overwhelming. We’ve created a practical guide to make things a little easier.
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