Life Insurance

  • Cushion the Blow with a Cash Lump Sum
  • Give Your Family Complete Peace of Mind
  • Cover the Bills
  • Clear the Mortgage
  • Secure the Future for Those You Love
  • Want to Do It Yourself

    Want To Do It Yourself?

    Our Free, 4-part infographic series guides you through the process of getting the right cover, for the right term, at the right price. Put your best email in the box below and get Part 1 straight to your inbox today.

  • 10 Things to Think About

    10 Things to Think About Before You Get Cover


    You want those you love to be financially secure when you're gone, so it's important to know that you're getting the right amount of cover. When deciding how much cover to get, ask the following questions:

    • What is your post-tax income?
    • What is your current household expenditure?
    • How long do you want your family to maintain the quality of life they have today?
    • Do you already have mortgage protection?
    • Are there outstanding debts that need to be cleared?
    • Are your children in private education? If so, how much longer will you be paying fees?
    • Will your children go to University?
    • Will your loved ones simply spend the money you leave until it runs out – or will they invest and live off the returns?
    • Do you want to provide a pension for your spouse or leave an inheritance for the children?

    Your adviser will know what questions to ask, do the calculations for you, and help you decide how much cover to get.

  • When you speak to an advisor

    When You Speak To Specialists 4 Protection, You Get...

    • Fast and Friendly Service - from call to cover in three simple steps.
    • CII-Qualified, FCA-Regulated Advisers - with over 20 Years' experience advising accountants, business owners, and IFAs, so you know you're in good hands.
    • Personal Insurance Specialists - we only work in protection, so you get focused, expert advice every step of the way.
    • Quotes from All Major Insurers - we search the whole market to get you the most affordable plan for your needs.
    • Hassle-free Policy Set-up Service - we handle all the paperwork so you can get on with your life.
    • Always Completely Fee-Free, with No Obligation and No Pressure - get advice now, then get cover when YOU are ready.
  • 3 Steps

    From Call to Cover in 3 Simple Steps

    Life is hectic, so we've made getting cover as simple as 1-2-3

    Step 1: Talk to a protection specialist. We'll discuss your circumstances, show you the best options, then compare the market to get the most affordable quotes.

     

     

    Step 2: Choose to get protected. When you tell us you're ready to go we'll handle all the paperwork for you.

     

     

    Step 3: Wait for your policy documents. You'll get hard copies of everything by post. When you have them, you'll know your cover is in place.

     

     

     

  • Why Speak To Us

    Why Should I Get Advice?


    Knowing how much cover to get and which type of policy is right isn’t a lottery. You’ll want to know that the premium you’re paying every month is actually giving your family the protection you think. The only way to know for sure is to speak with an expert in protection products.

    And if you want the best life insurance quotes, use an independent adviser who checks premiums with all the main life insurance providers. Doing so could save thousands over the life of your policy.

    Here’s what the Telegraph had to say when they checked premiums with banks, insurers, and independent advisers:
    “The results show that in many cases the lenders and even the insurers themselves charge far more than intermediaries for exactly the same life and critical illness policies.”

    You can check out the Telegraph article here.

    At Specialists 4 Protection our advice won’t cost you a penny and is given with no obligation. We’ll help you understand how much cover you need, what type of policy is best, and we’ll scour all major Life Insurance providers to get you the best quotes.

    For free, no obligation advice just call 01243 219190 or give us your number and we’ll call you back.

  • Contact Us

    Request a Call Back

     

    Best Time To Call

Your Questions Answered

confused about cover? Discover the answers to some commonly asked questions

  • What is life insurance?

    What is life insurance?

    The most common form of protection, ordinary term life cover pays a lump sum to your family if you die within a certain time-frame. Most policies will also pay-out if you’re diagnosed with a terminal illness and have less than twelve months to live (it’s important not to confuse this benefit with Critical Illness Cover, which is a separate type of insurance cover).

    Policies are usually set to run for twenty or twenty-five years, although the actual term you choose will vary based on your circumstances.

    When deciding how long you want your life cover to run for, you’ll need to think about a couple of things:

    • How old will your children be when they stop relying on your income?
    • When do you and your spouse plan to retire and draw a private pension (if you have one)?

    There’s no one-size-fits-all answer for how long term life insurance should last, so it’s best to seek advice before you buy a policy.

  • What does it cover?

    What does Life Insurance cover?

    In simple terms, anyone with financial dependents should consider life cover. But there are a number of milestones in life that often prompt people to get a life insurance plan set up.

    For example:

    • When you get married, you’ll want to think about getting cover in place to protect your spouse.
    • When you get a mortgage you’ll usually be asked to get cover to pay off the debt if something happens to you.
    • When you have children, you’ll want to make sure that there’s enough cash to cover the cost of raising a them until they can stand on their own two feet. In the UK, it costs around £236,000 to raise a child to 21 years of age.
    • If your children are in private education or planning to go to University, you’ll want cover to see them through.
    • If you’re the sole earner in the family, you’ll want to make sure your income is replaced if you die.
    • If you’re in a dual-earning household, you’ll want to know that your family could survive on just one income – life insurance can help bridge the gap.
    • If you’re starting or running a business, there are often more cost-effective ways of paying for life cover.


    When you speak with a protection adviser, you’ll quickly understand whether life insurance is right for you - or if a different type of life insurance policy is more appropriate.

     

  • How Much Does it Cost?

    How Much Does Life Insurance Cost?

    Incredibly, most people think life insurance is 397% more expensive than it actually is! (According to research published by SunLife, a major global insurer).

    Truth is, ordinary term life cover is one of the cheapest protection plans you'll get. It's also one of the most valuable because it gives the people you love freedom to grieve - without the added pressure of financial uncertainty.

    Compare the investment you make to the size of the payout, and you'll see that Life Cover is also incredible value for money.

    Here's four things to know about how the outlay is calculated...

    • Outlay is based on your age and state of health on the day you take the policy.
    • The insurer will also consider your BMI, how much you drink, and whether or not you smoke.
    • Some insurers will charge more if you have a high-risk occupation or hobby.
    • The monthly outlay for similar plans will vary from insurer to insurer.

    But the real beauty of life insurance is that as soon as you get a policy, the monthly outlay is usually fixed for life (you might choose a ‘variable’ option, which is reviewed regularly and can rise over time, but this option is rarely recommended).

    This means that as you age or begin to suffer health problems, your outlay won’t change.

    So the sooner you get life cover, the more you'll save.

  • Types of Cover

    What Types of Life Insurance Can I Get?

    As well as the most popular ‘level-term’ life cover, there are a couple of other variants available:

    Decreasing Term Life Cover – this is similar to ordinary 'level-term' life insurance, but in this case the lump-sum your family gets will go down the further into the term you are when you die. So if you get a twenty-year plan, but die after ten years, your dependents would only get half the pay-out. If you died in the nineteenth year, they'd only get a fraction of the amount you started with. Although much less popular than level-term life cover, decreasing term policies are also much, much cheaper.

    Whole of Life Assurance – called ‘assurance’ instead of ‘insurance’ because you know (are assured) that this policy will pay out eventually. Like Level-Term Insurance, Whole of Life pays a lump-sum, but this time there’s no end date on the plan. It doesn't matter if you die in ten, twenty, thirty years or more, it'll still pay the same amount. Because the payment is guaranteed to happen eventually, these policies are far more expensive than term life cover. Even so, it's an extremely cost-effective way to mitigate inheritance tax and provide a financial legacy for future generations. That's because for High-Net-Worth individuals leaving a significant inheritance, the policy will be written in Trust so it doesn't fall into the estate and become subject to inheritance tax (IHT). And even when paid over 30, 40 years or more, the total outlay will STILL be far less than 40% IHT on a large inheritance.

    Mortgage Protection – this simply covers the outstanding debt on your mortgage. In most cases, the potential payout goes down as your mortgage is paid off. Most people think their family is secure because they have mortgage protection, but if something happens it’s the bank who gets the money, not your loved ones. Chances are, they'll need to sell the house and downsize in order to survive, unless there's additional life cover in place.

    There are also much cheaper versions of Life Cover, although payouts are usually much smaller. For example, you might consider ‘Family Income Benefit’ or simple a funeral plan if funds are tight.

    It’s important to know you have the right type of cover for your needs, and in some cases a mixture of different policies might be the most cost-effective way to get the protection you need.

    That’s why you’ll want to get advice from a protection specialist before you buy a policy. They’ll get to know you, understand your situation, and recommend the right plans for your circumstances and budget.

  • Does it Pay Out?

    Does Life Insurance Really Pay Out?

    There’s a common misconception that insurers try and ‘dodge’ paying claims, but this simply isn’t true.

    By law all life insurance providers have to publish their annual claims statistics. These figures are collected by the Association of British Insurers and released each year. Here’s what the stats showed for 2015:

    • 98% of all protection claims were paid out.
    • 99% of all life insurance claims were paid out.
    • £3.4 billion was paid in total.
    • That’s £9.4 million in successful claims every day.

    So don’t be put off by the occasional sensationalist story in the press. Claims are only refused when policyholders fail to tell life insurers about something that would have led to a higher premium when the policy was set up, like a pre-existing medical condition – or claiming you don’t smoke when you do.

    Honest and transparency is the key.

  • Is it Taxable?

    Is the Payout Taxable?


    Life insurance policies can be subject to inheritance tax, depending on your overall worth when you die and how the policy is set up. For a single person, you get a tax-free allowance of £325,000 – after which inheritance taxes of 40% are taken from your estate before it’s passed to your children.

    If you’re married, there's no tax payable when one of you dies. When you've both passed away, the tax-free allowance is £650,000.

    In both cases, the value of your estate could include the life insurance pay-out – unless your policy is placed in Trust. It should be noted that no comparison website is going to put a policy in Trust for you, and if you ask an IFA or solicitor to do it you’ll need to pay them for the work.

    Any reputable, specialist protection adviser should be offering to put policies in Trust for free if there’s any danger of your policy being caught in the inheritance tax trap.

     

  • How does it work?

    How Does a Life Insurance Policy Work?


    When you get a policy, you decide who you want the money paid to when you die (you can always change your mind later, just tell the insurer and they'll send you a form to update your wishes). The person (or people) you choose are known as the 'beneficiaries'.

    You'll have details of the insurer and (if applicable) your broker sent to you by post when you get a policy, so arrange to keep these documents in a safe place.

    When you die, your family (or whoever is looking after them) will make a claim. The claim process works like this:

    Step 1: Contact the insurer and submit a copy of the death certificate (or medical report if claiming for terminal illness).

    Step 2: The insurer confirms the claim is valid.

    Step 3: A lump-sum is paid by the insurer direct to your beneficiary (if your policy has been put in Trust to mitigate Inheritance Tax, the insurer will pay the Trust, and your beneficiary will direct the Trustees to make the payment to them).

    Step 4: The money received can be used however your beneficiaries want.

    One of the advantages of using a reputable, independent adviser is that they'll usually help your family through the claims process when the time comes.

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Latest News

Advisers say family protection is important
According to warnings from advisers, it is possible for families to be at risk if proper income protection is not provided.

8% fewer intermediaries selling life and CI cover
IFAs believe there is a growing threat of people not having life insurance and critical illness cover because fewer intermediaries are selling it.

More IFAs stop selling life insurance and critical illness cover
Nearly three quarters of IFAS believe there is a growing threat of people failing to have enough life insurance and critical illness cover because fewer intermediaries are selling it.