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Life insurance cover: what kind do I need?

Fri 12 May 2023

Of course, there is no best insurance, only what’s best for you. Whether you are looking for whole-of-life insurance, need insurance that covers you without a medical examination, or are looking to protect your mortgage, there’s a wide variety of policies to choose from.


What is life insurance and who’s it for?

Life insurance helps financially protect your loved ones in the event of your death. It can give peace of mind, in that if you are no longer around, your family will benefit from an amount of money which can aid their financial security.

It's worth considering if you have children, dependant relatives, a partner or family looking for financial security.


Types of life insurance

Level Term insurance – your monthly payments and the amount of cover stays the same over the length of the term.

Decreasing Term insurance – sometimes known as mortgage life insurance, decreasing term insurance means the payout amount falls each year. It’s generally used to help pay off a repayment mortgage as you can set the cover amount and the term of the policy to match the loan amount and length of your mortgage.

Increasing Term insurance – the payout amount goes up in time as does your monthly payment. Many choose it to protect the value of the payout against inflation, the rising cost of living.

Whole-of-life insurance – this aims to pay out an amount of money when you die, rather than cover you just for a fixed timeframe. Some people take out whole-of-life insurance to help pay inheritance tax.

Over 50 life insurance – this is whole-of-life insurance for people aged over 50. It pays out an amount of money that can be left as a gift or to help pay for your funeral.


Protect your family with Royal London Life Insurance

Taking steps to protect your family now can give you peace of mind. When you are considering life insurance it’s important to think about why you might need it, how long you would like the insurance to last, and what type of life insurance suits you best.

Royal London Life Insurance can be a Level Term or Decreasing Term insurance policy. Protecting your family couldn't be easier, with a 'no fuss' one stage application process by phone or online is all it takes. Cover starts from £7 per month and has Terminal Illness Cover included at no extra cost.

Royal London Life Insurance has no cash in value – it’s a protection policy only. If you stop making payments your cover ends and you won’t get anything back.

You can apply if you’re a UK resident aged between 18 and 70. The plan must end when you reach age 80.

Find out more


Police Mutual is a trading style of The Royal London Mutual Insurance Society Limited. The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. Registered in England and Wales number 99064. Registered office: 80 Fenchurch Street, London, EC3M 4BY.

Type of article: Articles
Category: Protecting my family

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