Life Insurance

What Is Life Insurance?

Life insurance is a financial product designed to provide peace of mind by ensuring that your loved ones are financially supported in the event of your passing. A policy pays out a lump sum or regular payments to your beneficiaries, helping them manage expenses like mortgage payments, daily living costs, or future financial goals.

A smiling woman, man, and young girl sitting together on a beige couch in a cozy living room, with the girl looking surprised and the others smiling, in warm natural light.

Why Do You Need Life Insurance?

Life insurance is essential for anyone who wants to safeguard their family’s financial stability. It can help:

  • Cover funeral costs and outstanding debts, like mortgages.

  • Replace lost income for dependents.

  • Ensure your children’s education and future security.

  • Provide financial relief for your spouse or other family members.

Types of Life Insurance

Choosing the right policy depends on your personal needs and financial goals. Here are the main types of life insurance:

  • Term Life Insurance – Covers a specific period (e.g., 10, 20, or 30 years). If the policyholder passes away within this term, beneficiaries receive a payout. You can set this up on a level or a decreasing basis, to marry up with your mortgage, if preferred.

  • Whole Life Insurance – A lifelong policy that includes a savings component, allowing you to accumulate cash value over time.

  • Universal Life Insurance – Offers flexibility in premiums and death benefits while accumulating cash value.

  • Critical Illness Cover – An add-on to life insurance that provides a payout if the insured is diagnosed with a serious illness.

Consider the following when selecting a life insurance policy:

  • A group of five people, including children and adults, running and holding hands through a golden field during sunset.

    Coverage Amount:

    Determine how much financial support your family would need.

  • Family unpacking boxes in a sunny room with large windows, a woman with two children, all writing or drawing on a large sheet of paper.

    Policy Type:

    Choose a policy that aligns with your budget and long-term goals.

  • Man with two young girls sitting on a couch, looking at a laptop, smiling and enjoying their time together.

    Premium Costs:

    Compare rates from different providers to find affordable coverage.

  • Two children, a girl and a boy, looking out of a window during winter snowfall. The girl is sitting, and the boy is standing, partially pulling back the curtain. Indoor plants are visible on a side table.

    Additional Benefits:

    Look for add-ons that enhance your policy, such as accidental death, child cover, access to GP’s or discounted fitness equipment.

Get In Touch

Life insurance is an investment in your family’s security. Don’t wait - explore your options and find the right policy for your future.

Our expert advisers can review the whole of the market for you, to build the right policy with the right insurer for you.

What our clients have to say

  • Donny from MSP was superb at helping me.

    Donny from MSP was superb at helping me get my initial mortgage as a first time buyer. He spent time guiding me through the process and answering all of my questions.

    When it came time to remortgage I knew I was in safe hands with Donny. He helped explain all the range of different options available and their respective pros and cons. Most importantly though, he helped me to lock in the best rate a few months prior to my remortgage date. With subsequent market movements it was great to have piece of mind that we had locked in early.

    I would have no hesitation in using Donny and MSP Financial again! Thanks again Donny!

  • I’ve always been impressed

    Chris Sykes at MSP Financial has handled all my mortgages over the years, and I’ve always been impressed by his professionalism and attention to detail. He doesn’t just find a deal and leave it there, he keeps an eye on things and always lets me know if there’s a rate drop or a better option available. Where other brokers might miss those opportunities, Chris makes sure I never do. He’s clear, thorough, and genuinely has your best interests at heart. Absolutely worth the fee for the level of service and peace of mind he provides.