Searching for affordable life cover? The cost of life insurance can often put people off taking out a policy, especially those with no underlying health issues.

However, it may come as a surprise that a quality life insurance policy can be found for as little as £5 that will protect your family financially and give you invaluable peace of mind.

In this short guide, we will answer some of the frequently asked questions we receive regarding cheap life cover.

Do I really need life cover?

Although not necessarily essential, the safety net that life insurance provides makes taking out a policy a wise decision for anyone with dependents.

Life insurance will provide more benefits to some more than others. For example, if your family, partner or other relatives depend on your income to pay for your mortgage, living expenses and/or lifestyle, life insurance is an absolute must if you want to ensure their financial security in the event that you died or were unable to work due to critical illness.

Cheap life cover vs more expensive plans

The popular phrase ‘you get what you pay for’ certainly applies to life insurance. There is a copious number of poor-quality cheap life cover policies out there which should be avoided, however, you can find cheap life cover that provides genuine protection for your family at an affordable price tag.

It is simply matter of knowing where to look and what to look for in a policy.

This is where Seven Bridges Life Insurance come in. Our life insurance specialists have years of experience working within the insurance sector. We help you find the most suitable policy for your needs and budget, drawing on our strong relationships with insurance providers and comprehensive knowledge of the marketplace.

What are the most affordable types of life insurance?

There are various options to choose from when deciding on a policy.

Level Term Plans vs Decreasing term plans

These two types of policy are both affordable options and a good choice for those in need of cheap life cover.

A level term plan will pay out a pre-agreed lump sum if you die during the policy term.

A decreasing term policy is linked to an outstanding liability (usually a mortgage), meaning the potential pay-out will decrease year on year with your mortgage or other debt.

For this reason, decreasing term policies tend to be a cheaper option than level term policies.

Family income benefit insurance

Family income benefit policies are available as level term or decreasing term. Rather than receiving a lump sum, your family will receive a regular monthly payment for the remainder of the policy term.

This type of policy can often be, though is not always, cheaper than a policy that pays out as a lump sum.

Single life vs joint life cover

If you are insuring two people, perhaps yourself and your partner or spouse, you may consider taking out joint life cover, which insures both individuals under one policy.

The policy can either pay out after the first death or the second death, which affects the length of the term and the cost of monthly premiums.

Generally speaking, a joint life policy is more affordable than taking out two single life policies, however if one of the policy holders is in significantly poorer health than the other or if you need different term lengths, it may be better value to take out two separate policies.

To learn more about finding cheap life cover, speak to one of our specialists today by emailing info@sevenbridgeslife.co.uk