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Life Insurance

What is life insurance?

Life insurance if a type of insurance that pays out money to named people, such as your family members in the event of your death.

It pays out a lump sum or regular payments to help your loved ones cope with life expenses, such as funeral costs and mortgage payments. Life insurance can also help to ensure that your dependents are not left with any financial worries should you pass away, leaving you with peace of mind.

If you’re based in the UK, life insurance is available to help cover you and your loved ones financially if something happens to you.

At Junta Life Insurance, our team of insurance brokers can help you find the right insurance cover for you at a competitive rate.

There are different types of life insurance policies available, and it can be difficult to determine which one is right for you. We will explain the different types of life insurance policies available, so that you can make an informed decision about what is best for your needs.

Who should consider a life insurance policy?

Everyone should consider life insurance, but it is especially important for those with dependents – such as children or a spouse.

Those who are the primary breadwinners of their households should also get life insurance in order to provide financial security to their families if something were to happen to them.

Additionally, if you have large debts (such as a mortgage) that would not be paid off in the event of your death, life insurance can be used to cover those expenses.

Life insurance policy types

There are a number of different life insurance policies available, and each one has its own benefits and drawbacks.

Here is a brief overview of the different types of life insurance policies available:

Term life insurance

Term life insurance is the most basic type of life insurance policy. It covers you for a specific period of time (usually 10-30 years). If you die during this period, your beneficiaries will receive a death benefit. Term life insurance is relatively cheap, and it is a good option for people who don’t need life insurance for a long period of time.

Permanent life insurance

Permanent life insurance is a more expensive option than term life insurance, but it provides lifelong coverage. It also includes a savings component, which can be used to provide a death benefit or to pay out premiums in the event of your death. Permanent life insurance is a good option for people who want to be sure that their loved ones are taken care of financially in the event of their death.

Universal life insurance

Universal life insurance is a type of permanent life insurance that offers flexibility in terms of how much coverage you need and how long you need it for. It also has a cash value component, which can be used to pay premiums or to provide a death benefit. Universal life insurance is a good option for people who want more flexibility than what is provided by permanent life insurance.

Whole life insurance

Whole life insurance is a type of permanent life insurance that covers you for your entire life. It also has a cash value component, which can be used to pay premiums or to provide a death benefit. Whole life insurance is a good option for people who want the security of knowing that their loved ones will be taken care of financially in the event of their death.

Which is the right type of life cover for me?

When deciding which type of insurance policy is best for you, there are a few factors to consider.

Our team of insurance specialists can help you get the best advice and correct life cover that you need.

Some of the questions we ask are:

How long do you need coverage for?
How much coverage do you need?
What are your budget restrictions?
What are your other insurance needs?
What are your estate planning needs?
What are your beneficiary designations?
What is your age and health status?
Are you comfortable with the death benefit being paid out as a lump sum or in instalments?
Do you need coverage for a specific purpose, such as paying off a mortgage or funding a child’s education?
Are you looking for a policy with flexibility, such as the ability to increase or decrease coverage as your needs change?

Once you have answered these questions, you can start to compare different types of life insurance policies.

The most common types of life insurance are term life insurance, whole life insurance, and universal life insurance.

Life insurance is a necessary evil. It’s not something we want to think about or talk about, but it needs to be there in case of an accident or illness. Depending on how much coverage you need and what your long-term goals are, the type of life insurance policy that will work best for you will vary.

Try out our life insurance calculator below to get a better idea of the kind of cover you would like before speaking to one of our trusted advisors who will be able to give you your life insurance quote.

Try our life insurance calculator

Compare Life Insurance Policies for the best deal for you.

Our team of UK life insurance brokers search the entire insurance market and compare the best life insurance policies to get the best one for your situation and needs.

Life cover policies are flexible and work around you. We review our providers each year to make sure you are getting the best deal for you.