Life Insurance Cover
- Independent advice on life insurance protection and family cover
- Clear guidance on policy options, terms, and payout structures
- Free, no-obligation meeting at one of our Dorset offices or online
What Is Life Insurance Cover?
Life insurance cover is designed to provide a lump sum payout to your chosen beneficiaries if you die during the term of the policy. It helps ensure your family or dependants are financially supported, whether that’s to repay a mortgage, replace lost income, or cover everyday living costs.
Policies can be arranged for a fixed term or, in some cases, for life. The level of cover is chosen at the outset and should reflect your financial responsibilities and long-term plans. Because life protection insurance varies in structure, terms, and exclusions, clear advice is important to ensure the cover is suitable for your circumstances.
How Life Insurance Works
Life insurance works by paying a lump sum to your beneficiaries if you pass away during the policy term. You select the amount of cover and how long it runs for, and premiums are usually paid monthly.
If a valid claim is made, the payout is made directly to your beneficiaries and can be used however they choose. Some policies can also be combined with other protection, such as critical illness cover, to provide broader financial security. Reviewing policy terms carefully helps ensure the cover aligns with your financial priorities.
Are You Eligible For Life Insurance Cover?
Before looking in more detail at life insurance, it’s helpful to check whether you’re likely to qualify for cover. Requirements vary between providers and policies, but there are some common criteria most insurers look for.
In many cases, you’ll usually need to:
- Be a UK resident and considered permanently resident here (often at least 183 days in the UK in the last tax year)
- Be aged 18 or over, with maximum age limits varying by insurer and policy type
- Provide accurate health and lifestyle information when you apply, including smoking status and medical history
- Be able to keep up with premium payments for the duration of the policy
What’s Included with Life Insurance Cover?
-
Cash payout on death Life insurance pays a lump sum to your beneficiaries if you die while your policy is active, giving them financial support when they need it most.
-
Terminal illness benefit Many UK policies include a terminal illness benefit, paying the lump sum early if you’re diagnosed with a condition expected to lead to death within a year.
-
Cover tailored to your needs You choose how much cover you want and how long you need it - from term cover linked to life stages like mortgages to whole-of-life plans.
-
Support for dependants The payout can help your loved ones with everyday bills, childcare costs, funeral expenses or ongoing living costs.
-
Flexible policy options Life insurance can be taken as single or joint cover, and many policies offer optional extras or add-ons to suit your circumstances.
-
No monthly payments on claim When a valid claim is made, the payout is generally paid tax-free to your beneficiaries without affecting your income.
Important Things to Know
-
Payout depends on policy type Term life cover pays if you die within the set term; whole-of-life pays whenever you die, provided the policy is active.
-
The amount you choose matters How much cover you need depends on your financial commitments - such as mortgage, debts and family living costs.
-
Not all causes are covered Most policies cover death from natural or accidental causes, but exclusions can apply, so you should check your policy terms.
-
Premiums vary by personal factors Your cost will depend on age, health, lifestyle and the level and length of cover you choose.
-
Writing a policy in trust may help Putting life insurance in trust can help avoid probate delays and ensure beneficiaries receive funds quickly.
-
No payout if you outlive a term policy If your term life insurance expires before you die, there’s typically no payout, whereas whole-of-life policies continue until death.
Meet Our Life Insurance Specialists
Our life insurance specialists provide independent advice, helping you understand your cover options with clarity and confidence.
Our Individual & Family Protection Services
Income Protection
Helping protect your income if you’re unable to work due to illness or injury, with regular monthly payments designed to keep you financially stable.
Mortgage Protection
Ensuring your mortgage is covered in the event of death or serious illness, giving you peace of mind that your home is protected and your family’s future is secure.
Life Insurance
Providing financial support for your loved ones with cover that pays out a lump sum on death, helping protect mortgages, family income, and future plans.
Critical Illness Cover
Supporting you with insurance that pays a tax-free lump sum if you are diagnosed with a serious condition listed in your policy, helping protect your finances when you need it most.
Frequently Asked Questions
What is life insurance and how does it work?
How much life insurance cover do I need?
What types of life insurance policies are available?
Common options include term life insurance, which provides cover for a fixed period, and whole-of-life insurance, which is designed to last for your lifetime. Policies can also be arranged as single or joint cover, depending on your needs.
How much does life insurance cost in the UK?
Is life insurance worth it if I don’t have dependents?
Can life insurance be used to cover a mortgage?
What happens if I stop paying my life insurance premiums?
Are pre-existing medical conditions covered by life insurance?
How quickly does life insurance pay out after a claim?
Should I arrange life insurance through a financial adviser?
The Process
Initial referral or inquiry
Whether you’ve been referred or inquired yourself, our team will reach out to you in a timely manner
Free consultation
We offer a no-cost, no-obligation meeting at one of our offices, or over the phone
Quote and setup
We’ll provide you with a tailored quote and when you’re ready, our tax advisors will begin services
Book a Meeting
If you would like to discuss further, please book a meeting with an experienced member of our team. Simply let us know when’s best for you and we will get in touch to arrange a suitable time.
Why Choose Ward Goodman?
Client satisfaction is paramount to us. We have a broad range of clients, and we endeavour to offer them the best tax planning service possible through continuous improvement and focus on doing things right the first time.
Experienced Advisors & Accountants
Our Dorset-based team can advise and support any size of business locally or nationwide.
Bespoke Financial Advice & Tax Planning Service Packages
Flexible, bespoke service covering all aspects of tax planning.
Access to a Full Team of Finance Experts
From our Financial Advisors to Pension Advisors.
Our Awards and Accreditations
Ward Goodman’s excellence in accounting and tax advice is validated by notable awards and accreditations within the UK financial industry.
AAT Qualified
Xero Certified
ICAEW Membership
Partnerships
Other Services You May Be Interested In
Expert guidance on setting up and managing trusts, ensuring they are structured correctly to provide tax efficiency, asset protection, and financial security.
Our investment planning services are tailored to help you maximise returns while managing risk.
We help individuals and families navigate the complexities of funding care, ensuring your financial resources are structured efficiently to meet future needs.
Our pension and retirement planning services are designed to help you secure a comfortable and financially stable future.
