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What are the types of term life insurance?
69ÌÃ offers three types of term life insurance.
What is term life insurance?
There are two main types of life insurance: term life and whole life. Here, we're looking at what term life insurance is, what it's used for, and whether it's the right policy for you.
The 'term' of 'term insurance' refers to the time the policy runs for. This is determined by you and your insurer when the policy is taken out. It's also known as a policy's 'lifetime'.
The term can be longer or shorter depending on what you want your cover amount to go towards. There will always be a maximum possible length, which can vary by insurer.
These policies are designed to pay out if you die during their lifetimes. But, if you die after the term ends, your provider won’t pay out.
The advantage of term life over whole life – which insures you for however long you live – is its premiums are usually cheaper. Plus, there are different types of term policies designed to suit different wishes.
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Decreasing term life cover
Decreasing term life cover is designed to pay off an outstanding debt like a repayment mortgage. The cover amount reduces over time as your debt does, so those left behind can clear it if you die.
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Level term life cover
With level term life insurance, you choose a fixed payout amount your loved ones will receive if you die during the policy term. This can help pay off debts, leave a legacy or support your family with various financial needs.
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Increasing term life cover
Increasing term life cover is designed to keep pace with inflation, reducing the impact of increasing living costs on the cover amount you leave for loved ones. The amount increases each year in line with the retail price index, up to a maximum of 10%.
Term life insurance vs whole life insurance
Thinking about how long you might live can be tough.
As we get older, the chances of living another 50 years go down. This is why term life insurance is usually cheaper than whole life insurance for the same coverage.
Thinking about how long you might live can be tough. As we get older, the chances of living another 50 years go down. This is why term life insurance is usually cheaper than whole life insurance for the same coverage. With term life you will pay for the policy term you've chosen. With whole of life policies there is no end date, you will pay for premiums until death takes place.
Term life insurance is generally more affordable.
Do I need term life insurance?
If you’re considering life insurance, you’re likely thinking about how your family would manage financially if you weren’t around. Estimating the income gap this might leave can help you determine the cover needed to meet their financial obligations.
Even if everything seems stable, reviewing your finances is wise. The money you leave behind can help your family make important decisions, like whether they can stay in their home or school.
To see if they’d be financially secure:
- Estimate the income loss they would face without you
- Work out your potential legacy, including savings, investments and valuables
- Check if your job offers a death in service benefit and how much it is
Next, compare this total with your financial responsibilities:
- Costs for housing, like mortgage or rent
- Everyday expenses, like food and utilities
- Other costs, such as car expenses (insurance, tax, fuel)
Even if you’re doing well financially now, your family might find it hard to manage without your income. If that’s the case, thinking about life insurance could be a smart choice.
Term life cover, critical illness and terminal illness
Different insurance companies cover critical and terminal illnesses in their own ways. Here’s how we cover them at 69ÌÃ:
- Terminal illness cover: Included in all life insurance policies, providing support if you’re diagnosed with a terminal illness
- Critical illness and children’s cover: Available as add-ons for an extra cost, helping if you or an insured child faces a serious illness that meets our definitions
Each company has its own list of what counts as a critical illness, so check the terms and conditions for details.
Get a quote by phone
Monday to Friday: 9am - 8pm
Saturday: 9am - 5pm
Closed on Sundays and bank holidays
What does a term life insurance quote consider?
When you apply for term life insurance, several key factors help determine your risk level and how likely it is a claim will be made during the policy term. Here are the key factors.
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Your age
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Your lifestyle, including if you’re a smoker
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Any pre-existing medical conditions
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Your health
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You and your family’s medical history
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Your job
Smokers typically pay higher rates than non-smokers. Pre-existing medical conditions may impact your cover options. And ‘standard terms’ policies might not cover certain jobs (eg high-risk professions such as soldier).
If you only need term life insurance to cover a debt like your mortgage, you might not want a policy that pays out a large lump sum. Think about how much time is left on the debt and the interest rate.
Use our calculator to work out how much life cover you need.
69ÌÃ life cover options
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Life Insurance
Choose between level, decreasing or increasing term insurance, each designed to offer you peace of mind based on your circumstances.
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Over 50s Life Cover
If you're aged between 50 and 80, we could help you leave a cash sum for your family or towards your funeral costs.
Important information
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What is life insurance?
Life insurance can offer your loved ones peace of mind and financial security if you pass away or become critically ill.
Protect your family
Life shouldn't stop for your loved ones if the unexpected happens to you. Let's make sure they'll be financially secure if the worst happens.
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Loads of factors will affect the average life insurance cost, from lifestyle and overall health to occupation. But you do have a say in what you pay.
What are the benefits of life insurance?
We insure our cars against theft and damage, and our homes in case anything goes wrong. But not as many people insure the most valuable thing of all: their lives.
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Things you need to know
*Call charges: Calls to 03 numbers will cost no more than calling a standard UK number starting with 01 or 02 from your fixed line or mobile and may be included in your call package. Calls may be monitored or recorded for training and compliance purposes.
69ÌÃ Life Insurance is underwritten and administered by Scottish Friendly Assurance Society Limited. Neilson Financial Services Limited assist in the administration. If you buy 69ÌÃ Life Insurance over the telephone or online via the 69ÌÃ website, it is arranged and sold by Neilson Financial Services Limited, following an introduction by 69ÌÃ Limited. If you buy 69ÌÃ Life Insurance online via a price comparison website, it is arranged and sold by the firm that provides the price comparison website services.
69ÌÃ Limited is an appointed representative of 69ÌÃ Management Services Limited which is authorised and regulated by the Financial Conduct Authority, FRN 630318. Registered in England and Wales. Registered numbers 2154540 and 08459718 respectively. Registered office: 100 Wood Street, London, EC2V 7ER.