Life Insurance

A Term Life Insurance plan is one of the simplest and most affordable types of life cover available. It provides protection for a set period and pays out a lump sum if you pass away during the policy term.

Some term insurance policies also allow you to include optional extras such as critical illness cover. By adding this, the policy will make a single payout either upon the diagnosis of a covered critical illness or if you die within the policy term.

Types of Life Insurance

Term Life Insurance

Offers protection for a fixed period (such as 10, 20, or 30 years).
Usually comes with lower premiums compared to permanent life insurance. Provides a lump sum payment if the policyholder dies within the policy term.

Whole Life Insurance

Provides lifetime protection without an end date.
Builds cash value over time that you can access through withdrawals or loans.
Typically comes with higher premiums than term life insurance.

The Importance of Life Insurance

Financial Protection for Dependents

Life insurance ensures that family or dependents are financially supported in case of the policyholder’s death.

Cover for Outstanding Debts

It can help pay off mortgages, loans, or other debts, preventing financial burden on loved ones.

Choice of Policy

Customers can select from term life, whole life, or other policies depending on their needs, budget, and long-term plans.

Peace of Mind

Provides reassurance that loved ones will be cared for financially, reducing stress about unforeseen events.

Documents Required for Life Insurance

To process your life insurance application smoothly, you will need to provide several documents. These may vary depending on your employment status and personal circumstances

Identification

Valid passport

UK/EU photocard driving licence

National identity card (if applicable)

Proof of Address

Utility bills (gas, electricity, water etc.) dated within the last 3 months, excluding mobile phone bills

Bank or building society statements

Council tax bill

Proof of Income / Employment

Recent payslips (usually last 3 months)

P60 (showing tax & income for the previous tax year)

If self-employed: tax returns / SA302s, accounts for 1-2 years, possibly accounts signed by an accountant

Medical / Health Declarations

Details of your medical history, any illnesses, medications etc

Height, weight, lifestyle information (e.g. smoking status)

Mortgage Details

Amount of mortgage, term, repayment type (e.g. repayment vs interest-only)

Address of the property, lender, maybe value or valuation report etc

Existing Insurance / Policies

If you already have life insurance or critical illness cover, details of those policies may be needed.

Bank Details

For setting up payment of premiums via direct debit.

Things to Consider

Level of Cover
Decide how much of your income you want to protect — usually up to 50–70% of your salary.
Waiting (Deferred) Period
Choose how long after illness or injury the payments start (e.g. 4, 8, or 13 weeks).
Benefit Period
Select how long the policy pays out — short-term (1–2 years) or until retirement.
Type of Policy
Pick between standard income protection, short-term cover, or accident & sickness policies.
Affordability
Compare premiums; higher cover or shorter waiting periods mean higher costs.
Exclusions
Check what’s not covered — pre-existing conditions, self-inflicted injuries, or redundancy.
Occupation & Lifestyle
Your job risk level, smoking status, and health history affect cost and eligibility.
Integration with Other Benefits
Consider employer sick pay, state benefits, or savings that may reduce the amount needed.

Find Out Answers Here

Income protection pays you a regular income if you can’t work due to illness or injury. It helps cover essential expenses like rent, mortgage, or bills until you recover or retire.

Most policies cover 50% to 70% of your gross income before tax.

After a deferred period (waiting time) — usually 4, 8, 13, or 26 weeks — depending on what you choose and your sick pay entitlement.