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Why do I need life insurance?

Contemplating our own mortality is never easy, but it is something we will all have to face. Many of us may ask ourselves how our loved ones would manage financially after our death. How will they cope with paying mortgages and household bills? What will be the impact on their quality of life? An independent insurance broker will search the market – which is much larger than shown on cost comparison sites – to help you find the right insurance policy for you.

How does life insurance cover work?

Like other insurance policies, life insurance requires you to pay a premium (usually monthly) to the insurance provider for the duration of your policy, and on your death (or sometimes if you’ve been diagnosed with a terminal illness) your beneficiaries will receive a lump sum or a series of payments.  

The amount of cover you’ll have, and the premiums you’ll have to pay, will depend on your individual circumstances and the kind of policy you take out. Your insurance broker will ask you a few key questions about things such as your medical history, age and lifestyle factors (for example, whether or not you smoke), which will be needed to source the right cover for you.

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Life insurance or assurance?

Life insurance policies run for a fixed period of time, such as five, ten or 25 years. This is known as the ‘term’ of your policy. They only pay out if you die during the specified term of the policy.

There are three kinds of term life policies:

  • A level policy, which is the simplest option, pays out a lump sum if you die within the specified term of the policy. The level of cover you have remains the same throughout.
  • Decreasing. This is most commonly used for mortgage repayments where the amount of the loan decreases over time – therefore the level of cover also decreases proportionately.
  • An increasing life insurance policy has an increasing level of cover over the term of the policy, in order to keep up with inflation.  


If you are still living at the end of the policy then it doesn’t pay out, and we can use our experience to identify the cover you need, and can then negotiate premiums at a price you can afford. Bespoke policies can include, but are not limited to:   

Life assurance is sometimes known as a ‘whole of life’ policy, meaning that you are covered for the whole of your life. They are commonly used for inheritance tax or funeral planning. Because it’s guaranteed that your life assurance policy will pay out to your estate when you die, the policies are usually more expensive than specified term policies. It is always worth talking to an independent insurance broker about life assurance as some policies may mean you have to contribute more than is paid out, and some are promoted as covering funeral costs in full, which may always not be the case.  

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Cover to suit your exact circumstances

Talking to an independent insurance broker will help you to get to grips with the different policies, and to work out what is right for you. We understand that everyone’s lives are different, so the insurance cover we provide is perfect if you want a policy tailored to your own individual circumstances. Thanks to our product knowledge and understanding of the personal insurance sector, you’ll get exactly the right insurance for you at the best possible premium.

We’ve been providing insurance cover to individuals for over 100 years, and as an independent insurance broker we can search the whole insurance market without restrictions. We are registered and regulated by the Financial Conduct Authority (FCA), so you can be confident that the advice you receive meets strict professional standards.


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Get in touch for forward-thinking, impartial advice

With offices in Cambridge, Colchester, Diss and Ipswich, we’re close enough for meetings with clients from all over the East of England. Got something on your mind? We’ll be happy to listen and give you our thoughts. 

Call us on 0330 058 6559, email us at hello@scruttonbland.co.uk or get in touch by clicking below. 

Call us on 0330 058 6559
Email us at hello@scruttonbland.co.uk

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