What is life insurance?Life insurance, also known as life cover, is an insurance policy that pays out a lump sum to your loved ones when you die. The money can help with your family's finances, making a difficult time a little easier. There’s no restrictions on how they can use the money - it can help pay for anything, like debt repayments, and funeral costs.
What are the different types of life insurance?
The most popular and cheaper of the two is term life insurance, which covers you for between five and 70 years. If you pass away within the policy term, your loved ones receive a lump sum.
If you’re buying a home, you can get term life insurance to cover your mortgage. If you die before it’s paid it off, the policy pays off the remaining amount. So your family can keep their home and not have to worry about the repayments.
Whole of life insurance lasts your whole life so your family get a guaranteed lump sum. The policy ends when you pass away, so the monthly premiums are more expensive.
How does life insurance work?You'll pay monthly premiums. When you pass away, your loved ones will make a life insurance claim, and receive a lump sum.
1. Decide on the type of policy you need
Choose between term life insurance or whole of life insurance.
2. Choose your cover amount
This is the amount of money that your loved ones would receive as a lump sum.
3. Pay your monthly premium
A premium is the payment you make in exchange for your policy by a monthly Direct Debit.
When you pass away, your loved ones will make a claim with the insurance provider.
Once the claim is approved, they’ll receive a lump sum into their bank account.
How much life insurance do I need?
- Is left to pay on your mortgage
- Other debt you need to pay off
- Money you’d need for childcare or education
- Money your family may need to cover your funeral. In the UK, the average funeral costs £3,989 (Royal London National Funeral Cost Index Report, 2019)
- You can afford to pay on life insurance premiums.
How much does life insurance cost?
- Your height
- Your weight
- Any pre-existing health conditions you may have
- If you smoke
- If you're employed in a high-risk occupation e.g firefighter.
Get a life insurance quote
What does life insurance cover?
Your loved ones will get a lump sum when you die.
If you’re diagnosed with a terminal illness with a life expectancy less than 12 months, you’ll receive the payout.
What's not covered?
✘Your policy has expired
If your life insurance policy expires and you haven’t claimed, it won’t pay out to your family when you pass away.
✘If you stop paying your premiums
If you don’t keep up with your payments, your cover stops.
✘You die as a result of suicide
If you take your own life, your family might not receive a payout.
Why choose Vitality life insurance?
5 Star Defaqto Rated life cover
Our life cover is 5 Star Rated by Defaqto, which means it’s verified as a trusted product.
Discounts and rewards for healthy living
Save money on gym fees, activity trackers, sports shoes and more. And with a qualifying plan you could get the Apple Watch deal.
Thousands of 5 Star Trustpilot reviews
We’re delighted that so many Vitality members have a great customer experience.
99.5% of all life insurance claims paid
You can rely on us. In 2019, 99.5% of our members who claimed received a payout (Vitality Claims Report, 2019).
How our life insurance claims process works
Step 1: Make a claim
Should you or your family need to make a claim, call us on 0345 601 0072 or email email@example.com.
Step 2: Claims assessment
Step 3: Payment
More on our claims process
Related life products
Serious illness cover
Serious or critical illness cover pays out a tax-free lump sum if you’re diagnosed with a serious illness. The illness may not be life threatening, but it still affects your day-to-day life.
Income protection insurance
Income protection insurance pays you a tax-free monthly income if you get sick or injured and can’t work.
Mortgage protection insurance
Mortgage protection pays off your mortgage if you get ill or you die before it's paid off.
Life insurance FAQs
Is life insurance worth getting?
How long should I get life insurance for?
Can you have more than one life insurance policy?
Can I change my life insurance policy if my circumstances change?
You can also choose to add indexation to your plan at no extra cost. Indexation protects you against rises in the cost of living, so you have the correct level of cover you need. By adding this onto your plan, your cover amount will increase each year. You can also choose to opt out of any future increases.
Can you get life insurance without a medical exam?
Life insurance guides
Term life insurance guide
Term life insurance gives you cover for a specific amount of time. You choose the term, and if you pass away or become ill during that term, your family receive a lump sum.
Life insurance premiums guide
What are life insurance premiums, and how are they calculated? We answer your questions in our life insurance premiums guide.
Whole of life insurance guide
Whole of life insurance covers you for your entire life. It guarantees a payout to your loved ones when you die or become terminally ill.
Life insurance payouts guide
How do life insurance payouts work, and who gets your life insurance payout? Our guide answers all of your questions.