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What is life insurance?

Life insurance is a policy that pays out a sum of money to beneficiaries if the policyholder dies. The money can be used to cover expenses, such as funeral costs and estate taxes, or it can be used to provide a financial cushion for loved ones. 

Life insurance is not taken out for yourself, it is taken out to take care of your loved ones after your passing.

Why do you need life insurance?

There are many reasons someone might need life insurance, but some of the most common reasons are to provide financial security for a spouse or children in the event of the policyholder’s death, to pay off debts or other final expenses, and to fund taxes.

It can also be used to cover funeral costs. The average funeral in the UK costs £4,927* for a traditional burial, which is a large sum of money and can be difficult for families to afford. By taking out life insurance, you can reduce the stress on your family, as they will receive a sum of money to finance the funeral.

*Figure taken from the Sunlife Cost of Dying Report 2022

When should you get life insurance?

In order to take out a life insurance policy, you must be over 18 years of age. The younger you take out your policy, the better the rate – as you are more likely to be fit and healthy at a younger age. 

There are other factors which influence your decision, such as:

  • Owning a home
  • Having children/dependents
  • Medical history
  • Occupation
  • Hobbies / Sport

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Benefits of life insurance

Tax-Free Pay-Out

Lump Sum Payment

Fixed Monthly Costs

Flexible Length of Cover

Mortgage Protection Cover

Add Critical Illness Cover

What type of life insurance do you need?

We offer two different types of life cover. Term life insurance and whole of life insurance.

Term life insurance

Term life is the most popular and cheaper of the two. It pays out a one-off lump sum if you become ill or die during the policy’s term. Most policies will run for a term of between 5 and 25 years (although this could be longer).

We offer two different types of term life cover: level cover and decreasing cover. Both protect your loved ones for a fixed amount of time.

Level cover

A straightforward one cash lump sum is paid to your family when you die, to use towards living costs or pay off debt.

You choose how long you want your cover to last and then pay a fixed amount each month until your policy ends.

Decreasing cover

Typically used to help your family pay off a repayment mortgage or other loans if you die during the policy term.

Just as your debt decreases over time, so does your level of cover. The value of what you are paying off gradually decreases over time and so does the cover.

Whole of life insurance

Whole life insurance lasts your whole life so your family receive a guaranteed lump sum. The amount is unlimited. It is a much more flexible and customer friendly policy that lets you choose the cover options that are right for you.

Why choose Stanhope for your life insurance?

Stanhope, a subsidiary of Stanhope Cooper, is completely independent and compares price and cover from leading life insurers such as Aviva, AIG, Vitality and Royal London. Whether you are a first time buyer or looking to switch policies, our aim is to provide you with the right policy at the right price. 

Life Insurance FAQs

How much will I pay for life insurance per month?

Premiums are varied depending on age, lifestyle, smoking status and how comprehensive you want the cover to be.

Is there a joint policy for couples?

Yes – get in touch for more information.

How will my family claim life insurance after my death?

By sending the death certificate to the claims department at the insurers, if written into a trust the money will pay out before probate has been granted

What is the maximum age that I can take out life insurance?

74 years of age

What happens if I outlive my Term Life insurance policy?

You are no longer covered, but cover is normally put in place to cover a risk, ie, kids mortgage etc, so when it expires the risk is no longer there.

What are some reasons that an insurer might not pay out the life insurance?

  • Crime or illegal activity
  • Committing suicide in the first 12 months

Why use a life insurance broker to help with mortgage protection?

Using a life insurance broker will save you time

Getting quotes for life insurance can be time consuming. When you approach a life provider they will require a lot of information from you in order to provide you with a quote. This will include your personal details, information about anyone else you want to be covered by the policy and details of your medical history. If you get quotes from a number of life providers you will have to provide this information to each of them individually. However, when you use a broker  you will only have to provide this information once. We will then scour the market for you using the details you have provided to compare life insurance costs and the cover available.

We can save you money on your life insurance

As with other types of insurance, a broker can help you source the best price for the life cover that you need. We will obtain a number of quotes from life providers for the level of cover that you’re looking for. By comparing the costs we can help you to save money on your monthly premiums by finding the best value cover. You will not get a better price for your life insurance policy by approaching a provider directly as often there is no price differential between the price we, a broker will quote and the price an insurer will quote. Often, brokers can obtain preferential rates, meaning it can actually be cheaper to use us rather than going direct. As the service we provide is free to you our customer, there’s really no reason not to use us.

Independent and unbiased advice

Do you know exactly what type of life policy is the most suitable for you, your family, or your business? If not we can help. As an experienced broker we will discuss the various types of cover with you in order to find out exactly what type of cover is appropriate. Using us means you benefit from years of experience and industry knowledge. If you’re looking for advice on the best life insurance policy, we can help you. Simply complete our easy online form and we’ll be in touch to discuss your life insurance needs. And, we’ll help you to compare the life insurance options available so you get the right cover at the right price.