Life Insurance
Life insurance is for your peace of mind, so you know your family will be financially protected in the event that you’re no longer around. It is wise to have some sort of cover in place so you do not burden your loved ones with any financial worries when you are gone.
Our partner, My Protection Guru, offers a range of insurance options based on your individual needs. Answer a couple of questions below and they will contact you to discuss your options.
The below links will bring you to a third party website, owned and operated by an independent party (Lifesearch Limited company number: 3089775 and FCA registration number: 656479) over which Make a Will Online has no control (“3rd Party Website”). Any information you provide to the 3rd Party Website will be at your own risk. Any use of the 3rd Party Website will be subject to and any information you provide will be governed by the terms of the 3rd Party Website, including those relating to confidentiality, data privacy and security.
My Protection Guru – from LifeSearch
My Protection Guru offer a range of insurance options based on your individual needs. Answer a couple of questions below and they will contact you to discuss your options.
The below links will bring you to a third party website, owned and operated by an independent party (Lifesearch Limited company number: 3089775 and FCA registration number: 656479) over which Make a Will Online has no control (“3rd Party Website”). Any information you provide to the 3rd Party Website will be at your own risk. Any use of the 3rd Party Website will be subject to and any information you provide will be governed by the terms of the 3rd Party Website, including those relating to confidentiality, data privacy and security.
Life insurance products explained
“Critical Illness”
You can receive a lump sum or ongoing payments if you are diagnosed with an illness meeting a certain severity. Cancer is the most common cause of claim.
“Term Life Insurance”
This will cover you for a specified number of years up to a specified amount. The product will pay out a lump sum. It is commonly used to cover outstanding mortgage payments if you die unexpectedly or prematurely.
“Total Permanent Disability”
This pays a lump sum or lifelong payments if you become permanently disabled.
“Whole of life Insurance”
This covers you until the day you die. You can set aside money to cover funeral costs, leave a small inheritance to family members or cover any IHT liability.
“Income Protection”
This is designed to fill income gaps when you are unable to work due to illness or injury. It will usually cover a percentage of the your salary and will often provide support to help you back into work.
Reasons to consider Life Insurance
In 2019 (last pre covid stats) 141 million days work were lost due to sickness in the UK
42% of mortgaged homeowners in the UK have no life cover/protection
41% of brits don’t have enough savings to live a month without income
In 2019, the insurance industry paid out over £5.7billion in claims
98.3% of all claims with My Protection Guru/ Lifesearch paid out
£60.5 million was paid out in Income Protection claims for Mental Health reasons alone
Cancer is the biggest single reason for an individual critical illness claims with musculoskeletal the biggest reason for individual income protection, followed by mental health and then cancer
Non-disclosure was the biggest reason for declining a claim so be sure to disclose
99.99% of Whole of Life claims paid out