Basically Life Insurance pays out a cash lump sum if person(s) dies during the length (term) of the policy. This money is used to safe-guard the financial future of the remaining family, who may rely on the policy holder’s income to pay for the mortgage, household bills or other living expenses

Life Insurance Policy

You must be aged between 18 and 89 at the commencement of the policy, and younger than 91 years when the policy is due to finish.

Life and Critical Illness Policy

You must be aged between 18 and 59 at the commencement of the policy and younger than 76 years old when the policy is due to finish

You will not have a cash-in value at any time during the term of the policy. If you cease payments or you survive the policy term you will not get any money back.

All Life Insurance and Life and Critical Illness Insurance policies taken out by a private person, which are designed to payout out on death or on diagnosis of a critical illness of a policyholder are not taxable. There is no tax to pay on any payments, and no tax-relief on any premiums.

This varies dependent on each individual’s life circumstances. The majority of people take out life insurance to cover an outstanding debt or mortgage on their death. Others just want to leave a lump sum for their dependents to cover living expenses, educational fees, child care and funeral expenses.

Most people want their Life Insurance policy to cover them up to to a key or important date in their future. This could be at a time they intend to retire, when their mortgage is paid off, when their children go off to university, or when they become financially independent.

Best Price Financial Services does not offer any financial advice and is purely an ‘information-only’ based website. We provide you the tools to source out and apply for the policy that best suits you at the lowest rates anywhere else in the market.

Because we sacrifice all commission payments from the insurance companies, we are able to re-invest all these into your policy ensuring you pay the lowest premiums possible. To ensure we can do this we charge a nominal administration fee of £20 to cover our cost.

We have relationships with all the major life insurers in the markets, meaning you have wide range of choice when selecting your policy.

Below are the life insurance companies we work with:

  • Legal & General
  • Fortis/Ageas
  • Bright Grey
  • Friends Provident
  • Liverpool Victoria (LV)
  • Aviva
  • Zurich
  • Prudential (PruProtect)

If for any reason you do not wish to proceed with your application we will refund your fee in full.

If your preferred insurer declines your application, we can transfer your fee in order for you to apply to another insurer, or you can request a full refund if you wish.

It is highly recommended that you regularly review your life cover to ensure it’s still suits your circumstances. If since you first took out your policy, you’ve got married, moved to a larger more expensive house, or had children then you may require more life cover.

The cost of your monthly premiums will be dependent on a number of factors, such as your age, your gender, length of the policy, if you’re a smoker, medical history, the amount of the cover you choose, if it’s a single or joint life, level or decreasing payments, or you have critical illness cover included.

You pay your policy premiums to the insurance company by monthly direct debit. Our administration fee is paid through our secure online payment service.

Once your policy is accepted and then commences on a certain start date your premiums are guaranteed to stay the same. However if you choose the ‘increasing benefit’ option then your cover amount and your PREMIUM will increase in line with inflation.

If you take out a joint policy i.e. it covers two people, then it will only pay out on the death or critical illness diagnosis of the first person- (when a payout has been made your policy will end and your cover will cease). If you want cover the death/critical illness diagnosis of two people and receive a lump sum payout for each, then you must take out separate insurance policies.

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