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About life insurance
- What is life insurance?
- Why do I need life insurance?
- What is level term life insurance?
- What is decreasing term life insurance?
- What is terminal illness cover?
- What is critical illness cover?
- What is serious illness cover?
- What are guaranteed premiums?
Choosing your life insurance
- How much life insurance do I need?
- How long should I take life insurance for?
- Which life insurance provider should I choose?
- What are the next steps?
Life insurance extras
- What does putting a policy in trust mean?
- I have life insurance through my employer - is that enough?
- Can life cover be increased at a later date?
How long should I be covered for?
One of the factors used to calculate the standard cost of life insurance is your age. Life insurance will get more and more expensive every year the older you get, so if you can it is worth taking a policy out for as long as possible as this will vastly increase the chances of a claim being made on the policy.
Deciding how long to be covered for
Think about why you are taking out the policy; if you are covering a mortgage then you probably only need to take your policy for the term of your mortgage, but you may want to consider taking a separate policy to run alongside it which will cover your family and funeral costs.
How long can I be covered?
Most insurers will cover between 5 and 40 years, but there are policies which can cover you right up until your 90th Birthday, some people prefer to take a policy this long as there will be a lot more chance that you will claim on it and the premium will stay exactly the same for the whole term of the policy.
Covering your children
Another way of looking at the term, especially if you have children is to take a policy that takes them to an age where they are independent - such as 18 or 21 years old. This ensures that if the worst was to happen before this age, you have the peace of mind that they have some financial security to get them through University and maintain a good standard of living.
The only problem with doing this is if you outlive your policy and still need life cover, you may find that it will be a lot more expensive as you are older.
Still not sure?
You can ask one of our life insurance experts a question directly - we'll try to answer it as quickly as we can, and if it's a really good one, we may even feature it on our website!
Got another question? Ask a life insurance expert!
If you can't find what you're looking for on our site you can ask us a question here or talk to us over the phone by calling 0800 524 4153 and we'll be happy to answer all your questions on life insurance.