Life insurance made simple

Life insurance made simple

March 15, 2023

Let’s be real, life insurance can feel like a world of its own. This is why we have created our ultimate guide to the basics of life insurance.

Keep reading to find out what life insurance is, the most popular types, how it works, and why it’s so necessary in the world we live in today.

What is life insurance?

Let’s get down to basics first. 

Life insurance is a policy you can take out to financially cover yourself from death. You can choose the amount of money that you’re covered for, this is called your lump sum, and if the worst were to happen to you during your policy term, your cover would pay out the pre-agreed amount to your family.

Your life insurance policy is there, not only to provide you and your loved ones with peace of mind but also to ensure your family would have the money they need to get by, after you’re gone.

There’s more than one type of life insurance policy?

In 2023, it’s not just a standard level life insurance policy you can get your hands on, there are actually a handful of life insurance policies on offer. Some of the most popular types you’re likely to see on your quest for life insurance are:

  • Mortgage protection
  • Critical illness insurance
  • Whole of life insurance
  • Over 50’s cover
  • Income protection insurance

At The Official Mortgage Company, we don’t just have a five minute chat and decide what cover you need. We look at your circumstances, affordability, preferences and needs to be able to find the right life insurance policy for you, and your loved ones.

How much does life insurance cost?

There is no one set price for any life insurance policy.

It’s not like going to the shop and picking something off the shelf and seeing the price on the back. With The Official Mortgage Company, a life insurance policy will always be tailored to your needs and circumstances, which is why the price of your cover could be different to someone else of the same age.

How is the cost of your cover calculated?

Once we have gotten to know a bit more about you and have assessed your health and lifestyle, we search through the UK’s leading life insurance providers so we can match you up with the insurer that will suit you best!

Along with the amount of cover you choose and the length of your policy, we assess multiple elements of your lifestyle to find out what your chosen insurer will charge you for your cover, such as your:

  • Age
  • Lifestyle choices
  • Job
  • Medical history
  • Family’s medical history
  • Smoking status
  • Hobbies 

You get what you pay for

Life insurance has evolved in years gone by.

When you take out cover now, you don’t just get financial peace of mind and a lump sum – you can access additional benefits when you take out a life insurance policy with the UK’s leading life insurance providers. These benefits can include:

  • Access to online 24/7 GP appointments
  • Second medical opinions
  • Free mental health support
  • Tailored fitness and nutrition plans
  • Personal nurses

Your home or property may be repossessed if you do not keep up repayments on your mortgage.

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