What is Life Insurance?

Life Insurance is a long–term insurance policy which pays out a tax–free lump sum if the person insured dies or is diagnosed with a Terminal Illness within the lifetime of the policy. Depending on your personal circumstances the sum insured may be liable to Inheritance Tax as part of your estate. Click here for more information on Life Insurance Trusts. It is available as a single life policy, or as a joint life policy with a partner. Some points to remember are:

• The sum insured is payable only once; either in the event of death or earlier diagnosed Terminal Illness. In the case of a joint life policy the sum insured is payable on the first death of either life insured, and the policy will end.
• Once the sum insured has been paid out there are no further premiums to pay and the policy ends. The policy has no cash in value at any time.
• The amount of life insurance you require depends entirely on you and your circumstances and it is entirely up to you as to how much cover you need.
• The cost of life insurance depends on the amount of cover you choose (the sum insured) and how long you decide you want the cover to last. The monthly premium you will pay will also depend on your personal circumstances – for example your age, sex, occupation, lifestyle, personal and family medical history and whether or not you smoke.

Arranging your life insurance through eLife sooner rather than later can help keep your Insurance premiums down, and give you valuable peace of mind for the longer term, ensuring you are well prepared for the lifestyle changes your future may bring.

The types of cover eLife offers are: