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What is life insurance?
Life insurance is a way to protect the people who rely on you, should the worst happen. It means a lump sum payment if you die during the length of the policy (subject to exclusions).
You can tailor your cover to suit you and your family’s needs. Choose the type of cover to best suit you. And whether to add an optional extra like critical illness cover.
Do I need a life insurance policy?
Life insurance may be for you if have financial dependants.
Do you have children? A spouse or partner? A mortgage that you share with someone else? Or maybe you are a caregiver with people who rely on your support. If so, it’s worth thinking about what would happen to them financially if you were no longer around.
The payment they get from a life insurance policy could help support them during a difficult time.
When's a good time to get life insurance?
You have to be over 18 to take out life insurance.
Most people start considering it when they experience a life change. We often see people take out life insurance, or update an existing policy, when they:
- buy a house
- get married
- have children
- get a new job
- separate or get divorced
- become a carer.
Remember that, in most instances, your policy will be cheaper the younger you are.
Are there any reasons why I may not be able to get cover?
Certain jobs, pre-existing health conditions or hobbies may also impact the cover you can get.
We also have age restrictions for life insurance applications.
For family protection insurance, you need to be aged between:
- 18 and 77 years old
- 18 and 67 if you add critical illness cover.
For mortgage protection insurance, you need to be aged between:
- 18 and 74 years old
- 18 and 67 if you add critical illness cover.
What are the different types of cover?
There are 2 types of life insurance cover: family life insurance and mortgage life insurance.
When choosing between them, the main difference is the payout amount. The lump sum of a family life insurance cover policy will stay the same throughout the policy. For mortgage life insurance cover policies, the amount will go down over time.
Note:
Family life insurance
Family life insurance can also be known as ‘level cover.’ It could be suitable if you want to cover yourself for a certain amount of money.
You decide how much you want to be covered for. This amount stays the same throughout the length of time you are insured for. And the payment could cover things like:
- an interest only mortgage
- everyday living costs and bills
- outstanding debts.
Mortgage life insurance
Also known as ‘decreasing cover’, mortgage life insurance could be suitable if you have a repayment mortgage. And think your family may struggle with the payments without you.
The level of cover will go down over time, roughly in line with the amount you owe on your mortgage. So, if you die during the policy term, the payment will pay off the balance.
While the level of cover will decrease over time, your monthly payments will not change.
What is critical illness cover?
You can choose to add critical illness cover to your life insurance policy at an extra cost.
Critical illness cover means you will receive a payment if you get an illness or medical condition covered by the policy (subject to exclusions).
Adding critical illness cover can help reduce the worry that can come with a medical diagnosis. It allows you to focus on your health by helping pay for things like:
- your mortgage or rent
- everyday bills and expenses
- home adaptations
- medical expenses
- help around the house or with childcare
- treating your family.
For a full list of what is covered, read the Guide to critical illness cover - PDF, 1.1MB (opens in a new window).
Cover for your children is included
A Nationwide life insurance policy with critical illness cover also provides cover your children.
Should a child be taken ill, or injured, your claim could help pay for:
- time off work to care for them
- accommodation near a hospital for up to 3 months
- any adaptive equipment you may need to buy.
What kind of support is offered with a life insurance policy?
When you buy life insurance through Nationwide you get all the benefits offered by Legal & General – our trusted partners. These benefits include Wellbeing Support, Care Concierge and Samaritans trained call handlers. At no extra cost.
Care Concierge
This benefit was created to help people understand, find and fund later life care.
Care experts are available to help those who are facing caring responsibilities. Offering support and guidance about providing care for another person.
Some of the things Care Concierge can help you with include:
- finding a care home and home care services
- checking whether you entitled to benefits
- understanding Power of Attorney
- exploring funding options for home care and adaptations.
Wellbeing support
Provided by RedArc Assured Limited, Wellbeing Support offers practical and emotional assistance. Whether you need to make a claim or not.
The service gives you access to a registered nurse, who can offer support ranging from a simple chat to a clinical assessment. They can even help organise additional service you may need. All you need to do is call.
You and your immediate family can all use this service. And if you make a valid claim and your policy ends, you can continue to make use of Wellbeing Support for a further 6 months.
Wellbeing Support is available to all customers who took their policy out on or after 27th April 2025.
Samaritans training
If you ever need to make a claim, you will speak to someone who has been trained by the Samaritans. They will offer emotional support and guidance for families as they go through the claims process.
How much life insurance cover do I need?
You’re probably the best person to answer that question. Things you'll want to think about include:
- How much it would cost to pay off your mortgage.
- How much your family might need to cover their living expenses.
- The cost of any nursery, school or university fees.
- Any debts that would need repaying.
- How much you’d like to leave your dependants.
- Any relevant insurance that you might already have. Is it enough? Or is there a gap?
How much does it cost?
The longer the policy lasts and the bigger the lump sum, the more it will cost. Other things that affect the cost of life insurance include:
Your age
The earlier you take out life insurance, the cheaper the premiums are likely to be.
Your health and lifestyle
Certain jobs, pre-existing health conditions and being a smoker will make your premiums more expensive.
The length of the policy
The longer your policy runs for, the more monthly payments you have to make.
Your choice of cover
Mortgage life cover is cheaper than level. And a policy will cost more if you add extras like critical illness cover.
Information:
Make sure all information you give when you apply is accurate. Incorrect details could invalidate your policy and stop a claim being paid out.
How long do you need cover for?
Everyone's cover needs are different. Think about your circumstances and choose the best option for your loved ones.
You might just want cover for the length of time your mortgage has left to run. Or until your children are 18 or have completed further education.
If you have debts, like a student or personal loan, you may want to be covered until they are paid off in full.
Can I get advice?
Yes. Book a free appointment with a financial adviser at Legal & General. They will help identify your needs and suggest the protection to best suit you.
They can also help you make your application. This service is also free.
How do I get a quote?
You can get an online quote within a couple of minutes. If you are happy with it, you can then continue to apply online – this will take around 20 minutes. And you may be able to start your cover straight away.
Find out more and get a life insurance quote