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What would your family do if you were no longer there to support them financially? It’s a painful thing to think about, but there is something you can do now to make sure your loved ones will be looked after. Life cover is a type of insurance that pays out upon death, with some policies also offering an earlier payout if you are diagnosed with a terminal illness and a prognosis of death within 12 months. The payout can be provided as a lump sum or as regular income for a specified period.
People often think life assurance and life insurance are the same thing, but there’s an important difference. With life assurance, the policy you take out covers your entire life until death. With life insurance, the policy only covers you for a specific term, for example until you reach retirement age.
With life assurance, (also known as whole-of-life insurance) you pay monthly premiums for your policy, which will pay out to your loved ones in the event of your death. The payout they receive is usually tax-free, provided your estate is valued below the inheritance tax threshold.
The alternative is ‘term assurance’, which provides life cover only for a set period, or term. You can choose to keep the amount of cover fixed, or have it decrease over time which is usually cheaper. Decreasing term assurance is popular if you have a repayment mortgage, as the amount of life cover reduces in line with the outstanding mortgage balance.
At Mortgage Options, we offer straight-talking advice that covers both the mortgage and protection market. Our expert advisers understand the importance of having good quality insurance in place, we select policies from a panel of UK insurers, and we will assess your personal circumstances before recommending the right policy to suit your needs.
It makes sense to protect what you have, especially when it comes to your home and family. Talk to one of our advisers about life cover today.
Call us now on 0800 028 4040: it’s free from a mobile or landline.
Mortgage Options is a trading style of Mortgage Options (Partnership Division) Ltd who are an appointed representative of Quilter Mortgage Planning Limited, which is authorised and regulated by the Financial Conduct Authority. Quilter Mortgage Planning Limited are entered on the FCA register (https://register.fca.org.uk/s) under reference 440718.
The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
Registered office: 4 Finkin Street, Grantham, Lincolnshire NG31 6QZ. Registered in England and Wales, Company Number 7352047.
Approver Quilter Financial Services Limited and Quilter Mortgage Planning Limited July 2025
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Neither Mortgage Options Nor Quilter Financial Planning are responsible for the accuracy of the information contained within the linked site.
Neither Mortgage Options Nor Quilter Financial Planning are responsible for the accuracy of the information contained within the linked site.
Neither Mortgage Options Nor Quilter Financial Planning are responsible for the accuracy of the information contained within the linked site.
Neither Mortgage Options Nor Quilter Financial Planning are responsible for the accuracy of the information contained within the linked site.
Neither Mortgage Options Nor Quilter Financial Planning are responsible for the accuracy of the information contained within the linked site.
Neither Mortgage Options Nor Quilter Financial Planning are responsible for the accuracy of the information contained within the linked site.
