Anorak is authorised and regulated by the Financial Conduct Authority
We’re an independent online broker for life insurance, income protection and critical illness cover
Let’s start with the basics
What is life insurance?
An insurance policy that pays out a tax-free lump sum to your partner or family if you die. Having life insurance gives you peace of mind that they’d be financially secure without you.
If you have other people who rely on you financially – technically known as ‘financial dependents’ – then yes, you should consider getting life insurance in place.
It’s often very affordable, but the cost differs per person as it depends on the cover you buy and how much of a risk you are to insure. It’s cheapest when you’re young, fit and healthy.
Yes – and we help you choose which one’s right for you based on what you want to cover. ‘Term life’ is a common type of cover, which can either be ‘level’ or ‘decreasing’.
Yes, if you die while you’re insured and you’ve been honest about your health when you apply. It won’t if you die later or cancel your policy, and might not if you meet an exclusion.
Claiming is straightforward – your partner or family will simply claim with your insurance company. Making sure they know about your policy and have the details is helpful.
Life insurance pays out a lump sum – but what’s it for?
Mortgage
A mortgage is the biggest debt you take on in your life. Life insurance makes sure your family could pay it off and keep your home if you died.
Rent
Rent is often your biggest monthly outgoing. Life insurance makes sure your dependents could keep paying the rent without you and your income.
Bills and living costs
If your family would struggle to pay the bills without your income, life insurance is a way of making sure the essential expenses would always be covered.
Family lifestyle
For extra peace of mind, life insurance can also cover more than essentials – like hobbies, holidays and education – so your family's lifestyle wouldn't need to change.
Funeral costs
If you died, your funeral would be the first unexpected expense your loved ones face. Life insurance makes sure they’d have the money they need to pay for it.
Any other debts
If you have any other joint loans that someone else could be left liable for, you can cover them with life insurance. That way they can be paid off in full if you die.
Who needs life insurance?
Anyone with dependents – but everyone’s needs are different.
Couples
As partners, you’re likely to have shared financial commitments. Life insurance means your other half could clear shared debt and have a financial safety net.
Bringing up children is expensive. Could your family cope without your income? Life insurance is a way of making sure they could if something happens to you.
If you weren’t here, you’d want to know your children would be provided for until they can look after themselves. Life insurance is a way of doing just that.
A mortgage is the biggest debt you’ll ever take on. Having sufficient life cover means it can be paid off if you die – and your home is left to your loved ones.
If you’re self-employed, you won’t have protection through work – so it’s important to put your own plan in place to support your loved ones financially if you die.
As partners, you’re likely to have shared financial commitments. Life insurance means your other half could clear shared debt and have a financial safety net.
Parents
Bringing up children is expensive. Could your family cope without your income? Life insurance is a way of making sure they could if something happens to you.
Single parents
If you weren’t here, you’d want to know your children would be provided for until they can look after themselves. Life insurance is a way of doing just that.
Homeowners
A mortgage is the biggest debt you’ll ever take on. Having sufficient life cover means it can be paid off if you die – and your home is left to your loved ones.
Renters
Rent is usually your biggest monthly outgoing. If you have a partner or children, you’d want to make sure they could cover this without your income.
Self-employed
If you’re self-employed, you won’t have protection through work – so it’s important to put your own plan in place to support your loved ones financially if you die.
Got it – but how much cover do I need?
We work it out for you
Our quick assessment tells us all we need to know to recommend the right amount of cover based on your unique needs. We work with you to make sure you choose a sufficient level of cover – without paying more in premiums than you need to.