How Does Life Insurance Work?

Not all life insurance is the same. Learn more about the types of insurance available before you pick which is best for you.

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What is life insurance?

 

Life insurance is a type of policy that can pay out a lump sum payment to your loved ones, should you become terminally ill, or if you were to pass away during the term of your policy. The cash lump sum from your cover could make life a little bit easier for your family, and help them to cope with any financial worries, if the worst happen to you. 

There are several different types of life insurance, with each type having its own benefits for your family. By understanding the different types of life insurance policies available to you, it will be easier to make an informed decision, so you can choose the right life insurance policy for both you, and your loved ones.

Do I need Life Insurance?

Life insurance is never a one size fits all and it can be difficult to know if you actually need a policy. If you have loved ones who rely on your income, such as a partner or children then you might need a policy. The lump sum pay-out could act as a safety net and the money could be used to provide for your children as they grow up. If you own a home, a life insurance policy could cover your mortgage too.

How does Life Insurance work?

If you were to pass away during your policy term, your life insurance policy can pay out money to your family, usually in the form of a lump sum or monthly instalments. The amount of money paid out will depend on the type of life insurance you choose. When you take out cover with Caspian, we help you choose your policy type, length of cover and the amount. You can then decide you want to receive the money in your trust form.

Why should I consider Life Insurance?

We can help find the right life insurance policy for you. Depending on which policy you have, it could help to replace your monthly income, in order to help your family with everyday living expenses. It might also cover any medical bills, pay off debts and help with any estate-related matters. It doesn’t matter whether you're young or old, single or married; life insurance cover can help give you peace of mind.

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** Premiums and payout based on a healthy non-smoker who is an office worker and doesn't have a hazardous lifestyle up to the age of 65. The premium shown is based on Aviva's Income Protection + Plan and is subject to a full underwriting process. Prices are correct as of December 2024. 

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This calculator is for informative purposes only and is not to be taken as financial advice, for accurate financial advice please consult with an advisor from Caspian Insurance.