Life Insurance

Comparing life insurance policies can be a difficult task due to the sheer number of different providers and policies available. It is important to take your time to research all of the options available, as there are many factors which will affect the type of policy that you should choose.

At Echo Finance, we understand how important it is to compare life insurance policies and make sure that you get the best deal possible. That’s why we work with the entire life insurance market in the UK to provide you with a comprehensive list of providers and policies.

Our team are always on hand to provide advice and guidance to help you choose the right policy for your needs, get in touch by calling us on 0800 093 4914 or using our online form to get a free quote.

What is life insurance?

Life insurance is a type of insurance policy which pays out a lump sum if you die during the term of the policy. This money can then be used by your loved ones to help cover day-to-day costs or to pay off any outstanding debts you may have. It also helps them cope with the financial loss that comes with bereavement.

Different types of life insurance policy offer different levels of cover, so it’s important to make sure that you take into account all of your needs when choosing a policy.

How does life insurance work?

There are several types of life cover, but they all work in a similar way. When you take out a policy, you will pay monthly premiums over the term of your policy. If you die during this period, life insurance pays out a lump sum which can be used to help cover costs or pay off debts.

Depending on your policy, you may also be covered in the event of a terminal illness.

It’s important to remember that life insurance come with different levels of cover and have different criteria for paying out claims so it’s important to read all of the small print when choosing a policy.

What are the main types of life cover?

There are several types of life cover including:

Term life insurance

Term life insurance is the most basic type of life cover and provides a set amount of cover for a specified period of time. It pays out if you die during the term, but there is no payout if you survive until the end date.

Whole-of-life insurance

Whole life insurance provides lifelong coverage with guaranteed payouts upon death. This type of policy usually costs more than other policies because it has an investment element built in.

Joint life insurance

Joint life insurance covers two people, usually a couple. Depending on whether the policy is ‘first death’ or ‘second death’, it will pay out upon the first or second person's death.

Decreasing term insurance

A decreasing term life insurance policy is similar to term life insurance but the amount of cover decreases over time. This type of policy is usually taken out alongside a repayment mortgage and is used to cover the balance of the mortgage in case one partner dies during the term.

Over 50s life insurance

Over-50s life cover is designed to provide financial security for those aged 50 or over who may find it difficult to get cover elsewhere.

Critical illness cover

Critical illness cover is a type of insurance which pays out if you are diagnosed with a critical illness during the term of your policy. It pays out a lump sum that can be used to help cover the costs associated with the illness or to give you financial security while you recover.

No matter what type of life insurance you are looking for, our team at Echo Finance are here to help. We have access to all of the major providers and policies in the UK so we can make sure that you get the right policy at the best price.

What does life insurance cover?

Life insurance typically covers you for any sudden or unexpected death during the term of the policy. This includes deaths caused by accidents, illnesses and other medical conditions (including some pre-existing ones).

You may also choose to add critical illness cover to your life insurance policy, which pays out if you are diagnosed with a serious illness such as cancer, stroke or heart attack.

What are the benefits of life insurance?

The main benefit of having life insurance is peace of mind - knowing that if something happens to you, your family will still be taken care of financially. This can be a great relief, especially if you are the sole breadwinner in your household.

Life insurance also allows you to plan ahead and ensure that any debts are taken care of, as well as helping to cover funeral expenses.

Other benefits include:

• Being able to leave a legacy for your loved ones
• Paying off any outstanding debts, such as mortgages or loans
• Covering funeral costs so that you don’t have to worry about them
• Tax relief on premiums paid - this can reduce the overall cost of the policy
• Having financial support if you're diagnosed with a terminal illness - policy dependant

What is the downside of life insurance?

The main downside of having life insurance is that it can be expensive and the cost will depend on a number of factors such as your age, health and lifestyle.

Some policies also require you to pass medical tests in order to qualify for cover, which may not be possible if you have pre-existing conditions or certain illnesses.

It’s important to remember that life insurance claims do not pay out in every situation, for example, if the cause of death is suicide. Therefore it’s important to check your policy documents carefully and make sure that you understand what is and isn’t covered.

How much does life insurance cost?

The cost of life insurance depends on a variety of factors, including your age, lifestyle and medical history. Generally speaking, younger people tend to pay less for their premiums than older people because they pose less of a risk for insurers.

The amount of cover you need is also a key factor - the more cover you require, the higher your premium will be. You should also consider any additional benefits or extras that may affect the cost of your policy as well.

At Echo Finance, we can help you to find the right life insurance policy for you and make sure that you get the best price possible. So don’t hesitate to get in touch with us today. We’re here to help!

How much cover do I need?

The amount of cover you need will depend on your individual circumstances. Generally speaking, it’s a good idea to have enough cover to pay off any outstanding debts, such as mortgages or loans, and provide financial security for your family in the event of your death

You should also consider any additional costs you may need to pay out - such as funeral expenses or ongoing bills - and make sure that these are covered by your policy too

If you’re unsure how much life insurance cover you need, our team at Echo Finance can help advise you on the right policy for your needs. Just get in touch today!

When should I get life insurance?

This will depend on your personal circumstances, such as whether you have dependents or a mortgage and debts that need to be paid off. Generally speaking, it is recommended that you take out life insurance when you have financial commitments and responsibilities such as a mortgage or children.

It’s important to remember that life insurance isn’t just for people who are married or in a long-term relationship - single parents and those with cohabiting partners also need to consider taking out a policy.

At Echo Finance, we can provide advice and guidance on how much cover you may need, depending on your individual circumstances. So please don’t hesitate to get in touch if you would like more information. We look forward to hearing from you soon!

What is the best age to get life insurance?

The best age to get life insurance is when you are young and healthy, as this will reduce the cost of your premiums. Generally speaking, life insurance premiums are more expensive the older you get.

If you have any pre-existing conditions or illnesses, it’s important to disclose them when taking out a policy so that the insurer can adjust their rates accordingly.

When should I review my life insurance policy?

Your life policy should be reviewed regularly to make sure that it still meets your needs and that you’re getting the best value for money. You should check your policy at east once a year and whenever you experience any major life changes, such as getting married or having children.

At Echo Finance, we understand that everyone’s circumstances change over time, which is why our team are here to provide advice and guidance on when it might be the right time to review your policy. So don’t hesitate to get in touch with us today. We look forward to helping you find the right cover for you!

What if I have pre-existing medical conditions?

From the perspective of an insurer, pre-existing conditions can pose more of a risk and, as such, premiums may be higher than for someone who is in good health. However, this does not mean that you cannot get life insurance if you have pre-existing conditions – it just means that the insurer will need to assess your application carefully.

Speak to an expert

At Echo Finance we can advise you on how to get the most suitable policy for your needs. We work with a range of insurers, so we’re sure that we can help you find the right cover for your circumstances. Our team of experts will work hard to ensure you get the best policy for the best price possible. So don’t hesitate to contact us today - we’re here to help.