Applying for Life Insurance

Buying life insurance cover is easier than you may think. By filling in our online form you can easily obtain competitive life insurance quotes to fit your requirements, from reputable insurance companies. Once you have selected a quote that you are happy with, you will have to fill in an application form for the insurance company.

The application form will ask for details such as your age, job, gender and any health problems. The life insurance company will also need to know about your hobbies as certain pastimes present a higher risk. Some factors, such as age, will affect the amount that you are charged for life insurance cover, and these are detailed below. For people over 50, life cover can be more expensive, but some life insurance providers specialise in life insurance for this age group so you may find that you still get a good deal.

It is important to disclose all relevant information on the application form as the insurance company will offer life insurance on the basis of those details. If you fail to disclose a medical condition, this can affect a future claim. For example, the insurance company may not pay out any benefit if a person dies from a condition that was already diagnosed when they made the application for insurance. In many instances you will not require a medical to take out life cover, but it depends on the individual life insurance company. However, a number of life insurance companies will check with your GP that the information you have disclosed is correct.

Factors to Consider

There are a number of factors to take into consideration when you purchase life insurance, as follows:

• There are different types of life insurance policies, for example, those that cover you for the whole of your life or those that cover you for a fixed term, so you need to make sure that you get the right type for you.

• You need to make sure that you have a sufficient amount of cover. Please refer to the following section for advice on how to decide how much cover you need.

• Most life insurance policies do not have a cash-in value they pay out a lump sum on death. If you want life insurance policy which accrues some value, you need to ask for life assurance rather than life insurance.

• You can also choose to add critical illness cover to some life insurance plans so that you receive a lump sum in the event of developing a specified critical illness. With some policies, however, this cover is not available and has to be purchased separately.

• Many life insurance companies have a range of optional extras with their life insurance plans, such as a waiver of premium when you are too ill to work. It is best to check what options are available and if there is an added cost for these.

Your Life Insurance Requirements

It is advisable to opt for life cover that is at least 5-10 times your salary, but this amount will vary depending on your individual circumstances. You will have to take into account the amount of regular outgoings that you have, such as mortgages, and any debts that will need to be repaid if you die. People with children are also likely to need more life insurance cover than those without as there are added expenses to meet, such as child care and school and university fees. If you are the main breadwinner then you will need to provide benefits for your family that are sufficient to cover the loss of your income.

Some people may have life insurance through their work, but in many instances this is not sufficient. Therefore, it is worthwhile checking out what the death benefit is on any life cover that you may have through your job. You might also already have a mortgage protection policy.

The Cost of Life Insurance

There are many factors that can affect the cost of life insurance, such as:

  • Age
  • Gender
  • Health Problems
  • Family Medical History
  • Employment
  • Hobbies
  • Lifestyle i.e. do you smoke or drink or are you obese?

Please refer to our article Reducing the Cost of Life Insurance for tips on lowering your life insurance premiums.

If you would like to receive a no-obligation life insurance quote online, please fill in our on-screen form, which is straightforward and should only take a couple of minutes. We will then get back to you with competitive life insurance quotes for cover that meets your needs.

Freephone 0808 149 9295 - Lines open 9:30-8pm Mon-Thurs and 9:30-6pm Friday

Find the Right Life Cover
Get Your Life Insurance Quote

1. Is this a joint application?
2. Insurance Type
3. Cover Type
4. Cover Years
5. Cover Amount
6. Type of premiums
health providers