Life Insurance

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What is Life Insurance?? What is Life Insurance??

What is
Life Insurance?

Life insurance reduces the financial impact that your death can have on your loved ones. You decide the level of cover for your family needs and the timescale. If you pass away or if you're diagnosed with a terminal illness during the length of your policy, then your family could receive a cash sum.

Gain instant access to life insurance quotes from the UK's top lenders

Royal London
Old Mutual

How it works

Step 1

Start your quote journey

Simply click 'Get Started' and answer a few questions to start your search for the perfect life insurance quote for you.

Step 2

Tell us what you need

Fill out some simple and straightforward details about you, so that we can prepare your life cover quotes.

Step 3

View your best deals

We'll personalise the service to your individual needs and goals, to find the perfect life cover plans for you.

Benefits and risks


  • Peace of mind for your loved ones
    Reassurance that your family will receive financial support if the worst should happen. If you have an outstanding mortgage, your provider might ask you to take out a life cover policy so they know that the mortgage can be repaid if you die.
  • Your policy isn’t typically subject to income tax
    When a life insurance policy pays out, you shouldn''t need to pay income tax or capital gains tax on life insurance, even if the policy provides a lump sum or a regular income.
  • You can put your life insurance policy in trust
    If you put your life insurance policy 'in trust' then you separate your estate and avoid inheritance tax. You will be free to choose trustees, who will take care of the policy on behalf of all your loved ones.


  • Getting the right level of cover
    The more cover you take out then the higher your premium will be, however, if you undervalue how much money your dependents require, then your loved ones may not receive what they need.
  • Your policy may be subject to inheritance tax
    Your life insurance policy could be subject to inheritance tax but this could be reduced or avoided with a whole of life insurance policy, as the payout would typically cover the tax bill.
  • Your policy may not cover all incidents resulting in death
    Knowing what your life insurance policy covers is important, as death from certain causes, such as drug and alcohol abuse and high-risk activities, may be excluded from your policy.

Why choose The Money Service?

Here are some of the ways our selected advisers can help:

Guidance every step of the way

Guidance every step of the way

Get honest, independent and specialist guidance on life insurance at every step of the way; from the information gathering stage, right through to the application and completion process.

Guidance every step of the way
Pressure-free service

Pressure-free service

When it comes to protecting the people you love most, we're here to ensure you don't pay any more than you have to for their financial security. You'll be free to take all the time you need before committing to anything.

What support is available

The Money Service is a trusted service - putting your needs first.

Comprehensive service

If you choose to go ahead with one of your quotes, we’ll take care of everything for you.

Specialist guidance

Not sure which type of cover to choose? Your dedicated adviser can explain your options.

Compare without obligation

Generate as many quotes as you need to without being under any pressure to proceed.

Low price guarantee

Get access to some of the best-priced life insurance deals on the market.

What customers say

Answering your questions

Still unsure of a few things? We've got you covered with a few simple answers to some of our most frequently asked questions.

Life insurance is cover that pays out if you pass away or if you're diagnosed with a terminal illness during your policy term. It can provide the financial support your loved ones need after you're gone, whether that is paying off the mortgage or maintaining their standard of living. 

The length of term you select for your life insurance cover can often depend on how many years you have left on the mortgage or how many years until all your children have reached independence (typically 21).

Level Term Life Insurance ensures that your family is paid a fixed amount of money if you pass away during the term of your policy.

Decreasing Term Life Insurance is designed to pay off a repayment mortgage, should the policyholder pass away. As your mortgage decreases over time, so does the value of the policy payout.

Whole of Life Insurance will pay a lump sum to your family whenever you pass away, but because a payout is guaranteed, they're considerably more expensive.

Over 50s Life Insurance is a specialist type of whole of life insurance that offers guaranteed acceptance without any medical checks for those aged 50+.

Critical illness insurance means you will receive your payout if you're diagnosed with a qualifying condition detailed in your policy. It's often an optional extra on many life insurance policies, or can be bought as a stand-alone product.

Terminal illness insurance offers the option to pay out if the insured person is diagnosed with a terminal illness. Many life insurance policies include this type of cover as standard, but do check your terms and conditions to be sure.

There are a few things you’ll need to consider when deciding how much cover you need:

  • Your home
    Have peace of mind that your mortgage or rent is covered. You could benefit from a policy that pays out until your mortgage is cleared.
  • Living expenses
    Think about any household bills or family expenses your loved ones may struggle to pay if you're not around.
  • Income replacement
    Not ready to retire? You could calculate how many years you need to keep earning to help support your loved ones.
  • A funeral
    Funeral expenses are something your policy could help cover. If you don't have an existing funeral plan, you could factor in this cost.
  • Childcare costs
    You may want to consider covering childcare and your loved one's education expenses, giving them invaluable financial protection.
  • Outstanding debts
    It's important to think of any outstanding debts that you may have such as credit cards, loans or car repayments. 

Get in touch

Call us today and a friendly life insurance consultant will be on hand to help. Or request a callback and a member of the team will get in touch at a time that suits you.