High Value Life Insurance

Higher Sum Insured Life Insurance Cover from QuoteRack.co.uk

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Most people start to consider life insurance during one of life's major events - buying a home, getting married, having children. Taking out a mortgage is one example; when potential homeowners are required by the mortgage provider to have sufficient life insurance in place to cover the value of the mortgage to be repaid in the event of an early death. Known as mortgage protection, with the increasing values of homes and mortgages, it is becoming increasingly necessary to have access to high value life insurance.

With the average UK mortgage now close to £200,000, applicants will be expected to have in place a higher value life insurance policy. When buying a high value property and with a larger than average mortgage, it is likely that you will need a high value life insurance policy to cover the larger mortgage.

Business owners who have business loans or commercial mortgages secured against their homes, or who require company director's life insurance to protect the value of their share in their own company are also likely to need higher than average life insurance with a higher value. If the director is party to a shareholder agreement, depending upon the agreed valuation of the company, a higher value life insurance policy will form part of the agreement. Please refer to our shareholder protection life insurance for more details.

High value life insurance

Insuring your life for a high value is easier than you might expect - expert and independent financial advice is available through QuoteRack

What types of high value life insurance are there?

Your individual requirements for a high sum insured life insurance will depend upon the reason for taking out a policy. This will affect your life insurance options, including:

  • The term of the life insurance policy
  • Whether the sum insured increases, decreases or stays the same during the term of the policy
  • Whether you need a single or a joint life insurance policy with a partner

If you require life insurance for a specific period of time (known as term assurance), for example to cover the length of time you have a mortgage, if you survive the duration of the high value life insurance policy then the policy will terminate without a payment being made to you or your beneficiaries.

If you want life insurance cover for the rest of your life (known as 'whole of life' insurance), the higher value life insurance policy will remain in force until you or your joint life insurance partner dies.

Frequently asked questions

How much is high value life insurance?

The cost of high value life insurance will depend upon a number of factors, as would any life insurance policy. These factors include:

  • The sum insured under the policy
  • The term of the policy
  • Your age
  • Your weight
  • Your height
  • Your health record, including any existing health conditions

Will I need to have a medical for a high sum insured life insurance?

The majority of people who apply for life insurance are not required to have a medical. While all life insurance applications are considered on their individual merits, in some circumstances, for example a family medical history or a pre-existing medical condition, you might be required to have a medical examination.

This procedure does not necessarily mean that your application for directors life insurance will be rejected.

How can I get a quote for high value life insurance?

When you click the 'GET A QUOTE' button, completing the online form will send your contact details to an independent financial advisor, who is authorised and regulated by the FCA. He will contact you by phone and/or email to discuss your application in more detail.

If you wish to proceed with an application for high value life insurance, he will guide you through the initial steps without cost or obligation.

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