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What is Life Insurance?
Life insurance is a commitment to securing your loved ones’ future. Like a safety net. It’s a contract between you and the insurer that provides a lump sum payment (the death benefit) to your beneficiaries upon your passing.
This policy eases the burden of expenses like debts, mortgages, and more, ensuring your family’s well-being in your absence.
Why Compare Life Insurance with Monefi?
We value your time,
efforts and money
Leave the research to us, our insurance experts don’t just tailor the policy to your individual circumstances but also help you to avoid overpaying for your policy.
The process is simplified
Get personalised quotes within minutes. Once you click on “get a quote”, we ask you some basic questions around your situation. Our cloud based technology then reflects the most appropriate quotes for you within minutes.
Doubts are normal; after all, you’re on a journey to protect your loved ones’ future. Click on “book a call” for a free consultation with monefi’s insurance experts and get the advice you need.
How does Life Insurance Work?
Life insurance offers either a one-time lump sum or a series of regular payments, offering vital financial support to your loved ones when they need it most. It also covers income replacement, debt repayment, and estate planning. The pay out amount is determined by the coverage you choose.
Monefi helps you choose a policy that suits your needs and you invest regular premiums towards the policy.
We then discuss with you if you’d like the policy to be for a specific amount of time or your entire lifetime.
Designate one or more beneficiaries or trustees when you purchase the policy. These are the individuals that will receive the lump sum amount – death benefit.
You maintain the policy’s active status by paying your premiums consistently, either on a monthly or annual basis.
In case you pass away during the policy’s term,
the insurance company pays out a tax-free lump sum (the death benefit), to your family/beneficiaries.
Benefits of Life Insurance:
How much cover do I need?
A useful guideline is to calculate the monthly expenses that would impact your family in case of your passing and then multiply this amount by a reasonable number of years. For instance, parents of young children may consider multiplying it by 15 years or more. It depends on your circumstances, such as dependents, their needs, and available income sources.
At Monefi, we empower you to make an informed choice in picking the most suitable policy for your situation and to avoid overpaying. Book your free consultation call with our insurance expert and seek guidance on your individual situation. We shall then assess your financial obligations, and create a customised policy that meets your family’s unique needs.
Types of Life insurance: Which one is for you?
At Monefi, we simplify your choice by offering two main types of cover, each tailored to meet diverse needs and budgets.
Imagine it like having a steady anchor – with level term life insurance, your payout remains constant throughout the entire policy. No matter when you pass away during the policy, your loved ones get the full amount
Just as the name suggests – decreasing term life insurance sees the payout gradually reducing over time. These policies are commonly chosen to cover loans or mortgages, as those commitments also decrease over time.
Am I eligible for Life Insurance?
Your eligibility with an insurer depends on your health and lifestyle. You can secure life insurance even if you have health concerns, including mental health issues, or if you smoke.
Typically, such policies involve a medical evaluation, and it’s essential to provide this information openly for accurate underwriting.
How to get cheap life insurance?
The earlier, the better
Getting a policy at a younger age can result in lower premiums because you’re generally considered lower risk.
Maintain a healthy lifestyle. Non-smokers and individuals with a good health history often receive lower premiums.
Gain discounts if you bundle life cover with other types of insurance, like critical illness cover, income protection etc.
Understand your needs and go for what suits your needs. Term life insurance is generally more affordable than permanent life insurance.
Opt for annual premium payments instead of monthly. There is a higher probability of you receiving more offers on an annual basis.
What our customers say.
Frequently Asked Questions.
Can’t find what you’re looking for?
Yes, you can generally cancel your life insurance policy at any time in the UK. During the 30-day cooling-off period after purchase, you can cancel without penalties. After this period, the process and consequences may vary based on the policy type. Hence we recommend that it’s important to review your specific policy terms. A consultation call with our insurance expert should help clarify any doubts. Book a free consultation today.
In the UK, there is no set limit on the number of life insurance policies you can have. You can have multiple policies for multiple covers, but it’s important to ensure the total coverage meets your needs and isn’t excessive. It’s best to speak to our financial advisors and gain clarity. Avoid overpaying.
While there’s no legal requirement for life insurance in the UK, most individuals choose to acquire it. This decision often revolves around safeguarding assets and ensuring the financial well-being of their families. It encompasses covering outstanding debts and providing financial security in case of critical illnesses.
If you outlive a term life policy, it expires without a pay out. Whole Of Life cover insurance continues with premiums and often has a cash value. Return of premium policies refund premiums if you outlive the term. Convertible policies can become permanent. Monefi can help you review policy terms and options with your insurer to suit your needs.