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Life Insurance Guide

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Life insurance also known as "life assurance" and "term insurance" could be difficult to understand. Nobody likes to think about death, but the truth is that our loved ones, our family and friends will need all the support they can get once we have passed on.

To help understand life insurance better, lifeinsuranceoffer.co.uk has produced this guide for those who are looking for a quote.

Different types of insurance

In this section of the guide we examine the various different types of life insurance covers available.

Life insurance (also known as ‘ life assurance’ or ‘ term assurance’) is a policy cover that pays out a lump sum amount in the event of the policyholder's death. The main purpose of this life insurance policy is to protect the loved ones and dependents of the policyholder against financial hardship.

A life insurance policy can be taken out for a single OR joint applicant. Amongst some of the benefits a life insurance policy can offer is the paying out in the event of a diagnosis of a terminal illness. If the policy itself expires while the policyholder is alive or if the policyholder stops paying premiums at any stage policies loses value.

Find out about different types of Life Insurance Cover here.

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Type of Insurance
Type of cover
Over what period?
Amount of cover
Type of premium

Title		First Name
Last Name
Date of Birth
Do you smoke?	No Yes	Email
Home Phone		Work Phone
Mobile		Is this a joint application?	No Yes
App. 2: Title		App. 2: First Name
2nd App Last Name		Smoker?	No Yes
Date of Birth
House Number		House Name
Street		Area
Town		County
Post Code

There are various types of life insurance:

Level term insurance - a level term insurance is designed to pay out a lump sum in the event of the policyholder's death during the policies term. The assured payment amount is guaranteed and remains unchanged throughout the term.
Decreasing term life insurance (for example, mortgage protection cover) - in decreasing term life insurance the sum decreases during the policy. It is regularly used to protect capital and interest repayments on a mortgage.
Renewable term insurance - a renewable term insurance can be renewed when the insurance policy expires without having to review the policyholder's health again.
Convertible term insurance - this is similar to a level term insurance with the option to revert to whole life or endowment policy.
Increasing term insurance - ddue to financial market changes such as inflation, the value of money declines every year. This form of insurance combats that with an escalating sum assured.
Index linked term insurance - some insurers provide the option for the premium to be increased each year in relation to the Retail Price Index.

Find out about endowment, family and critical illness policies here.

LifeInsuranceOffer.co.uk / Types of Cover / Faqs / Glosssary / Insurance Providers / Insurance Calculator / Contact Us / Privacy Policy

LifeInsuranceOffer.co.uk is protected under the Data Protection Act 1998 No. Z1406292. Life Insurance Offer is an affiliate of Clickgroup, who are authorised and regulated by the Financial Services Authority. Read about our Privacy Policy here. Contact us by writing to info@lifeinsuranceoffer.co.uk *40% is based on the number of policies put on risk between June 21 2008 and Aug 21 2008. *Figures are indications of savings only and based on a £100,000 life insurance policy for a female aged 30, non smoker and without a pre-existing medical condition. The rate is based on a 25 year level term policy, sourced on a guranteed basis. Correct as at Janurary 2009.