Term Insurance - Red Sky Insurance

Term Insurance

Term Insurance

Having some form of life insurance in place is really important if you have people who are financially dependent on you, such as children or a partner with whom you own a property, who would be left worse off if you passed away.

Life insurance isn’t just for those who are working and earning an income. If you are a stay-at-home parent and your partner passed away, having life insurance will be beneficial for childcare and other essential things that your partner will need to get by.

With term insurance, you are only getting cover for a specific period. It, therefore, suits those who want a pay-out to cover large loans like a mortgage, as well as putting protection in place to help with the costs of raising a family until the children are ready to leave the family home. 

Some insurers offer cover stretching from five years all the way up to 70 years. The appropriate term for an insurance policy will vary, but there are a few factors worth bearing in mind when working it out. If your primary concern is ensuring your family can pay off the mortgage after you pass away, choose a term which is at least as long as your mortgage term.

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    You may want to consider life insurance if you have a mortgage and you want to leave a debt free estate, or if there are people who rely on you financially, like your partner or children. Life insurance can also help cover the cost of funerals, or even if you want to leave your children something when you pass away.
    Life insurance can be set up to cover a specific length of time or even for the whole of your life. Various factors will determine the cost, such as age, health and level of cover. You can control who the money will be paid to and for how long you want the policy to be in place.
    Under current tax rules, pay-outs for critical illness, terminal illness and death claims are usually free of personal liability to pay income tax and capital gains tax. However, in some circumstances your pay-out may be subject to inheritance tax. You can normally help avoid this by putting your plan in trust. Bear in mind that the law relating to tax may change in the future. (For tax planning, we act as introducers only)
    When you choose to take out a life insurance policy with one of our providers, they pay us a commission. Our service is always fee-free.
    This depends on your individual circumstances as the amount of cover required is often different for each family. If you are married, have a large mortgage and four children then you are likely to need more cover than a single parent living in a rented flat with one child.
    Yes, you can have more than one life insurance policy.
    Many couples take out joint life insurance policies, due to the convenience and in order to save money, as it is cheaper than taking out policies on an individual basis. However, joint life insurance usually only pays out once, on the first death, leaving the surviving partner without cover.

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