What are the different types of life insurance?
There’s no one-size-fits-all for life cover. Discover some of the different types of life insurance and which one could suit you and your family best.
Provided by L&G
Types of life insurance policies
Life insurance may be able to help ease the financial strain on your loved ones should you pass away. But everyone’s circumstances are unique. This calls for different types of life insurance policies to suit people’s individual needs.
Deciding what life insurance is best will ultimately depend on your financial needs, what you’d like to cover, and over what period. Discover some of the UK life insurance policies we offer, and find one that’s just right for you.
Over 50s life insurance
Over 50s life insurance covers you for the rest of your life – as long as you’re a UK resident aged between 50 and 80 years old. This is a type of ‘whole of life’ insurance, so there isn’t a fixed period. When you die, your insurer will pay your loved ones, providing your policy has been in place for a year and your premiums are up to date. If you pass away within the first year, any premiums paid will be refunded. However, if you die as a result of an accident then full cover will be paid.
Different types of cover
There are also some extra policies, coverage and add-on features you can either include in your life insurance plan or buy as a standalone policy.
Joint policies
This is an option if you choose Life Insurance or Decreasing Life Insurance. A joint policy covers you and your partner or spouse. It insures two people at the same time on a single plan, so you’ll pay one premium each month. If one of you passes away, the surviving spouse receives a payout, though it depends on your policy plan.
This is a viable option to keep your other half and children covered should something happen. For a joint life first death policy if one of you passes away the surviving partner receives the policy proceeds. If both policyholders die at the same time, the payout will go to the beneficiaries of the policy.
Critical illness cover
Critical illness cover offers financial support if you become seriously ill. The cash sum could be used towards things like medical expenses, household bills or childcare costs.
Critical illness cover only covers certain conditions and medical procedures such as Parkinson’s disease or heart attacks for example. It can sometimes be bought on its own, but in most cases, as with our policies, it can be added for an extra cost when you take out life insurance.
Accidental death benefit
Accidental death benefit as part of a life insurance policy, is a cash sum if you pass away within a certain period following an accident. It applies to an incident that causes accidental, violent, external and visible bodily injuries, which results in death. This differs from life insurance, which covers most deaths from natural causes.
Some insurers are unable to give you an immediate decision when you apply for life insurance. With accidental death benefit, you get protection while your application is being processed. The cover will last for a maximum of 90 days (for most insurers), or until your application is postponed, accepted or declined.
Life insurance with Sainsbury’s Money
Life can throw curveballs at you. Prepare for the unexpected with life insurance through Sainsbury’s Money. When you buy life cover with us, you’ll also get:
- Cover from as little as £5 a month (depending on age and circumstances).
- Protection by L&G – one of the UK’s largest life insurance providers.
- Access to L&G Wellbeing Support Services provided by Red Arc Assured Limited.
- The chance to earn Nectar points as a Nectar member.
- Access to Care Concierge – an impartial and confidential telephone advisory service to help you or loved ones to navigate later life care options.
Not sure how much cover you need? Check out our life insurance calculator and get a quote today. Our policies are not savings or investment products and have no cash value unless a valid claim is made.