Questions about Life Insurance
Common questions about Life Insurance
If you want cover that lasts until you die and you are aged between 50 and 75 years old, Royal London has a separate type of life insurance policy which lasts for the whole of your life rather than a set term. If you are looking for life insurance that pays out whenever you die, you might want to consider our Over 50s Life Cover policy.
If you have children, having life cover can help to provide a sum of money to help with their upbringing to the point at which they would no longer be dependent on you. For example when the child reaches age 18 or 21.
If you have a husband, wife or partner who doesn’t work, you might want to consider how long you would want to provide an income for and how much they would need if you were no longer around.
If you have a mortgage, you might want to think about the number of years you have remaining on the mortgage, and whether you wish to completely pay off, or just reduce the amount of the mortgage. This will help you determine the length of cover you need.
If you have older family members or people you are caring for, having life cover can help provide a sum of money to help with their living costs if they are dependent on you. You will need to consider how long you think this cover will be needed for.
Your life insurance payment will be made to your estate and settled in accordance with your wishes laid out in your will or as directed by your personal representative(s). If you need more information or advice on making a will you can refer to the Money Advice Service.
Once you have purchased your life insurance policy you should keep your documents in a safe place and let your loved ones know where they are stored. Should the worst happen and your loved ones need to make a claim, they will be able to do so easily.