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Life insurance types

Accidental life insurance

Accidental life insurance policy is a contract that covers person‘s death or various injuries suffered in accidents. This kind of insurance is a good alternative to other life insurance policies. First of all, it is quite an inexpensive way to obtain coverage.

Child life insurance

Children are the most important thing for parents and as a result they want to protect their offspring as much as possible. Loving parents usually spend a lot of time looking after their children and take all possible safety measures in order to make sure that the children is safe.

Critical illness cover

Critical illness insurance provides the insured person with a tax-free lump sum or monthly payments in case of an illness specified in the contract. Types of illnesses covered under this type of insurance differ so it is important to check the list of critical diseases before signing a contract.

Death in service

This kind of insurance service is usually provided by employers. Employees can have such a benefit either linked to their pensions or use a separate insurance scheme provided by their company. Company offers this kind of insurance as a part of benefit package for a person who is working for them.

Decreasing term life insurance

Consider the situation when an individual wants to cover himself so it would be easier to pay off mortgage for other family members in case the insured person dies. It is natural that mortgage burden is decreasing over time and there may be no need to get the same insurance cover in the first year after as in the last one.

Endowment life insurance

Nowadays people purchase life insurance policy not only to protect the loved ones after the death but also to take advantage of insurance as an investment alternative. Endowment life insurance is a saving scheme that has a life insurance attached to it.

Guaranteed life insurance

Guaranteed life insurance is a special type of insurance that accepts all the people that apply for the policy. People are not asked medical questions or required to take physical exams. This type of insurance has to be issued by the life insurance carrier if a person pays the premiums.

High risk life insurance

High-risk life insurance is designed for people that fall into high-risk group. To put it simple, there is a high possibility that the insurance company will have to pay the money for a successful claim. From the insured person’s point of view, he has a higher risk of dying at an early age than an average person.

Increasing-term life insurance

Increasing term insurance is usually used when individual needs potential pay-outs to increase over time. Pay-outs can be linked to Consumer Price Index (CPI) or inflation. There is also a possibility to make potential pay-out higher by a certain percentage each year. However, such a policy requires the person to pay higher premiums over time compared to term or decreasing term insurance premiums.

Insurance bond

An insurance bond is usually used as a single premium life insurance, but in contrast to single premium life insurance it is used for investment purposes. Its main purpose is to be used for long-term capital growth.

Joint life insurance

Joint life insurance policy is most often used by couples. This type of policy ensures the payments in case of one of the partners' death. However, as an alternative for joint life insurance policy single life insurance policy can be used. It is must be taken into account that with single life insurance policy it is possible to insure either one of the partners' or both of them. The difference is that in the first case the other partner gets money if only the insured one partner dies. In other case it does not matter which one dies, the other partner gets a pay-out.

Level life insurance

Level life insurance cover provides constant payout in case of a successful claim after the death of the person. Usually the premiums are fixed and depend on the various factors such as age of the person, the duration of the contract and the amount of life cover an individual wants to be protected with.

Life insurance for alcoholics

Alcoholism became a serious problem as alcohol consumption is growing fast. According to World Health Organization there are more than 140 millions of alcoholics in the world and the National Health Service reports that 1 of every 13 citizens in United Kingdom are alcoholics or abuse the usage of alcoholic drinks.

Life Insurance for cancer patients

More than 300,000 people each year in UK are diagnosed with various forms of cancer. Of course, the chances to survive differ greatly as there are a lot of forms of cancer and various stages of this illness.

Life insurance for dangerous sports

There are a lot of people who cannot imagine a sport without a sweat and a rush of adrenaline caused by the risk taken. A recent study showed which sports are considered being dangerous by insurance companies.

Life insurance for diabetics

Finding a suitable life insurance becomes harder if person‘s health is not in the good condition. One of the diseases that can cause problems while searching for life insurance is diabetes

Life insurance for disabled people

There are many different forms of disabilities: physical, cognitive, mental, sensory, emotional and developmental. As a result, there are a lot of people that suffer from one or another type of disability.

Life insurance for epileptics

Epilepsy is a set of chronic neurological disorders and can be characterized by recurrent and unprovoked seizures. People that suffer from epilepsy can face obstacles when trying to purchase life insurance. The reason behind this is that epilepsy is not a single medical condition.

Life insurance for men

Life insurance for men is a special insurance policy designed for men who want to have a peaceful mind that after their death their family members will be safe financially.

Life insurance for over 50s

Over 50s life insurance is a type of insurance for people who are 50 and older. Over 50s life insurance is very useful because the payments after the death of the insured person help relatives and family member to repay the mortgage and ensure financial protection for children who are still not financially independent.

Life insurance for over 60s

As person ages the need to have life insurance gets bigger. However, usually life insurance companies are not very willing to give insurance policies to older people as they are considered to have shorter life expectancy. On the other hand, elderly people do not want to become a financial burden to their loved ones as funeral and other expenses require considerable amount of money.

Life insurance for over 70s

Life insurance over 70s is specially designed for people that are older than 70. Not all people took advantage of life insurance while they were young and healthy. Indeed, it is common for people to start thinking about security and death only when they face medical problems or fear that they will not be able to provide income for they relatives and family members.

Life insurance for overweight people

Nowadays people tend to weight more than 20 or 30 years ago. Moreover, it is not a secret that being overweight can lead to more severe health problems in the future. The most common illnesses are diabetes and various heart conditions. Thus, often being overweight is associated with leading not an unhealthy lifestyle that increases the possibility of having various illnesses, which lowers life expectancy of the person.

Life Insurance for smokers

Unlike using drugs or abusing alcohol, smoking very often is not perceived as an addiction or a harmful habit. Nevertheless smoking is one of the most common reasons of death in United Kingdom and worldwide. In the survey that was done in 2009 researchers found out that 21% of adults in United Kingdom is smoking.

Life insurance for women

For a long time the premiums that women had to pay for their life insurance were lower because of higher life expectancy. Insurance companies know that claims on life insurance policy from women tend to come later in life and until then they will pay more premiums than men. However soon this will no longer be the case because premiums for men and women will start converging from 2012 December since European court ruled out that different premiums is gender discrimination.

Mortgage life insurance

Mortgage life insurance is designed to help individuals to repay their mortgages in case of their death. The main principle is that when buying a house with mortgage a person also fills a paperwork to get this insurance. It is possible to get it either from the lender or from independent insurance company. It covers at least the remaining amount of mortgage and thus, if the insured person dies his dependents can be sure that they are not going to lose the house or face any financial difficulties by repaying the mortgage.

Renewable-term life insurance

Renewable term insurance is a policy when there is a possibility to extend the term of the insurance. Usually it is done when the first agreed insurance period is coming to an end. The contract is renegotiated and an individual will be insured for a longer time compared to what was agreed in the beginning.

Service life insurance

Service life insurance is a type of insurance provided to those who belong to the armed forces. It is provided either for regulars or reserves of armed forces. For those who are in army, navy or RAF (Royal Air Force) it is hard to find an insurance policy as the risk of something happening is much higher for the person who can at any moment go to the war compared to normal person who sits at home watching TV after the workday.

Single life insurance

Single life insurance is a contract that protects the life of one person that is called the insured. The policy pays out a lump sum of money for the dependents if the insured person dies during the term of the contract. The policyholder and the insured person is usually the same person but not necessarily. Sometimes one person holds the contract and pays the premiums for the coverage of the life of another person. For example, a mother can purchase life insurance for her daughter and pay the premiums to the insurance company.

Single premium life insurance

Single premium life insurance requires one big initial payment and guarantees a tax-free lump sum that will be paid in case of the death of the insured person. The main advantage of this type of insurance is that the payment starts earning money instantly and therefore the policyholder is able to earn more money on his investment. Like with any other life policy, insurance premium depends on the age, health, and location of the insured person as well as the amount of the death benefit chosen.

Term life insurance

Term insurance policies last a fixed period of time. This type of insurance usually costs cheaper as it covers the person for only agreed amount of time unlike and there is no guarantee that the insurance company will need to make a pay-out.

Unit linked life insurance

Unit-linked life insurance plan is a derivative of two often used and popular instruments: insurance and investment. First of all, an individual who chooses this plan gets normal term life insurance and can be sure that in case of his death or terminal illness, he or his dependents will get a lump sum of cash. However, differently from other insurance options, policyholders of unit-linked insurance do not know what amount of money they will receive in case of a successful claim.

Whole life insurance

Whole life insurance is an insurance policy that guarantees the payment in case of an insured person's death. Other insurance policies usually guarantee the payment for specified time span, however with whole life insurance person can be sure that whenever he dies, the money will be paid to his dependents.