Here at Quick Quote Life we understand that you may have many questions to ask before buying Life Insurance.

We have created a list of the most common questions customers interested in buying Life Insurance might want to ask.

If you have a question that isn’t on the list or you want to know more please contact us.

Q. Do I need Life Insurance?

A. Life Insurance is not something you have to have by law like car insurance. It all comes down to being your own choice if you want it or not.

When making this decision some people base it on their financial commitments as well as general spending.

Younger, single people may not feel they need to buy Life Insurance whereas a married parent may have more of a commitment to wanting a policy.

Q. What is Life Insurance cover?

A. Life Insurance (also known as Life Assurance) pays out a lump sum when you die. The aim is to help provide financial support for your loved ones when the policy holder’s income isn’t there to be relied on.

The insurance payout can support your loved ones with payments such as the mortgage, everyday bills even things like the weekly shop.

Other things that can be covered are possible debts you or your family may have and the cost of your funeral.

You, as the policyholder, will design your cover for how much you want to be insured for in the event of your death.

Q. Who can apply for Life Insurance?

A. You must be 18 years or older and a UK resident to apply for a policy.

Q. What type of Life Insurance can I get through Quick Quote Life?

A. We offer 2 types of Life Insurance: Term insurance and Whole of Life Insurance.

Term Life Insurance is by far the most straightforward type of policy, but there are still some big decisions to make.

There are two main types of Term Life Insurance, Level Term and Decreasing Term.

Level Term Insurance means as long as premiums are being paid, your payout will be the same amount whenever you die throughout the insured period.

You agree the amount of cover and how long you want it run for.

Decreasing Term is a cheaper option; this is where you might decide you need less cover as time goes on. With a Decreasing Term Insurance Policy, the payout reduces by an agreed amount each year.

Typically Mortgages have this type of policy set up to run alongside this is because over time your mortgage normally reduces as you continue to pay it and you may have also reduced other debts as time goes on.

Whole of Life is a policy that protects your family or anyone that is dependent on your income. Think about their financial future in case the unexpected happened.

What other products are available?

Critical Illness

A policy to cover you and your loved ones should you become ill with a critical illness.

Income Protection

Income Protection covers your income in the event that you lose your job or become ill and unable to work (subject to insurer exclusions and cover taken)

Family Income Benefit

Rather than receiving a lump sum from the insurer in the event of a claim some people prefer to receive a fixed monthly sum.

Q. How much should I get insured for?

A. How much you’re covered for comes down to your personal circumstances. For example, if you have a smaller mortgage and no children, you will need to be covered for less than a customer that has two children and a large mortgage.

Most Insurance professionals advise you have a level of cover that is 10 times your annual salary. Before you work out what that could be, remember it will affect your monthly premium.

Q. How much will Life Insurance cost?

A. Life Insurance can cost as little as £6 per month, putting that into perspective Netflix on average costs £7.49 a month. Remember with all policies, your premiums will depend on your circumstances.

Q. Will my premiums change?

A. Term insurance premiums are usually the same throughout the policies term.

Whole of Life Insurance might be slightly different, with changes in your circumstances.

Q. What if I have Life Insurance or Death in Service with my job?

A. Having Life Insurance or Death in Service through your work is a great benefit, but we recommend checking what your policy covers you.

Something to think about is if your employment ends, your policy ends.

Q. I have an ongoing illness; can I still take out a policy?

A. Some insurers may not be able to provide a policy if you have a pre-existing medical condition.

It’s important to read your policy documents because insurers will have conditions that are included or excluded from their policies.

When you’re getting a quote, our advisors will go through the exclusions and inclusions and advise you correctly.

Q. What happens if I have a policy and my circumstances change?

A. If there are any changes with your personal circumstances you should update your policy with your insurer.

Changes may include marriage or civil partnerships, mortgage increases, or becoming a parent, something that is common is providers offer ‘guaranteed insurability’ option so you can increase your cover without updating your medical history.

Call us if you have any questions, we will be happy to help.

Q. Are there common exclusions I should look out for?

A. Always read the small print, every policy is different and usually tailored to the policyholder.

Some exclusion may relate to dangerous sports or hobbies, for example, mixed martial arts, so always declare these on your application.

Q. What is Critical Illness cover?

A. Critical Illness cover pays out a lump sum if you are diagnosed with a condition that is listed in your policy to a certain severity.

It’s usually more affordable to combine Critical Illness cover alongside your Life Insurance.

Q. Can I add my partner or spouse onto my Life Insurance policy?

A. It’s sometimes more cost effective to take out a joint policy with a partner.

Always remember though a joint policy will only pay out once.

Q. Could my policy pay out a regular monthly income instead of a lump sum?

A. It can and it’s called Family Income Benefit. This can be put in place to maintain your family’s standard and living and still give the household a monthly income opposed to a large lump sum.

Q. Is an insurance lump sum payout tax deductible?

A. The current UK law states that insurance payouts are free from income and capital gains tax.

Q. What happens if I outlive my policy?

A. You will not receive any payout or lump sum for the amount you have paid into your policy. The only way a payout happens is if you pass away during the term of the policy.

For this reason, many people opt for the Whole of Life Insurance.

Q. Are there any ways of reducing the premiums?

A. Our trained Advisors take into consideration facts about yourself including;

  • Your needs such as a mortgage, or ensuring your loved ones are adequately covered
  • Your budget
  • Any preexisting policies

Then they will search the market on your behalf to find the right policy for you and make their recommendations to you so that you can make an informed decision 

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