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What is Life Insurance?

Life insurance pays out a tax-free cash lump sum to your loved ones should you pass away. It provides peace of mind that your loved ones will be financially safe should the worst happen.

Critical illness cover can be included which pays out a lump sum should you suffer a serious illness/condition such as cancer, stroke or heart attack.

Life insurance is normally used to provide cover for a mortgage, the costs of raising children, household bills and living expenses.

Many life insurance policies will pay out early if you are diagnosed with a terminal illness

What are the different type of policies?

Level term insurance – the policy will run for a fixed term (e.g. 10 or 25 years) and the policy will only pay out if the insured party dies during the term of the policy. The amount of cover remains the same throughout the term of the policy.
 
Decreasing term insurance – the policy will run for a fixed term and pay out if the insured party dies during the term of the policy. The amount of cover decreases throughout the term of the policy. This time of policy is typically used to cover a repayment mortgage.
 
Whole of life insurance – this policy is guaranteed to pay out when you die as long as you have maintained your premium payments.

How much does it cost?

The cost of your life insurance policy will depend on:
  • Your age; the older you are the more likely you are to die during the term.
  • Whether you smoke; smokers are a higher risk than non-smokers.
  • The amount of cover; the more life insurance cover needed the higher the premiums will be.
  • The term of the policy; the longer the policy will run the greater the risk.
  • Your health and lifestyle; the insurer will ask questions about your height and weight, medical history, your direct family’s medical history and your lifestyle such as how much you drink or smoke.

How long should I have a policy for?

If the policy is to cover your mortgage you should consider how long it is until your mortgage will be repaid.
 
If the policy is to provide cover for your children you should consider at what age they will be financially dependent and what costs do you want to provide protection for; e.g. university tuition fees.
 
Our Life and Health offering is provided by Assured Futures who are part of the A-Plan Group.

 


Would you like a free no obligation quote?
Call us today: 029 2062 6226 or Arrange a Callback

 

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About Us

Watkin Davies Insurance Consultants Ltd are one of Wales’ largest Independent Insurance Brokers, established in 1978 by Roger Watkins. Since this time we have become one of the leading Commercial and Personal Insurance Brokers in the region and the trusted insurance advisor to hundreds of Welsh and UK businesses and individuals.

Head Office

15 & 19 Penlline Road
Cardiff, CF14 2AA
029 2062 6226
Opening Hours
Mon-Fri: 9am to 5.00pm
Sat: Closed
Sun: Closed

Official Insurance Partner

Official Insurance Partner of the FAW Trust

Official Insurance Partner of the WSA

Membership & Accreditation

Chwarae Teg FairPlay Employer Award

Member of British Insurance Brokers Association