Life Insurance - OCEANHAWK INSURANCE LLP

What is life insurance?

Life insurance helps give your family financial protection if you pass away in the time you have your policy. It allows you to leave behind an amount of money to help those you love maintain their living standards and keep paying the bills.

You can use life insurance to cover one person (a single policy) or two people (a joint policy). But it’ll only pay out once so, once we’ve settled a claim, the policy ends.

In most cases, you can get life insurance even if you have medical conditions. You’ll need to tell us about them when we ask and it’s possible there might be a medical exam too (we’ll pay for this). The price you will pay depends on the level of cover selected and your personal circumstances.

How does life insurance work?

It’s not about you. It’s about them. Our cover is term life insurance and will pay out a sum of money if you die – or if you’re diagnosed with a terminal illness as we define it, and you’re not expected to live more than 12 months. Here are a few things to think about before choosing your cover.

And if you’re unfamiliar with the language of life insurance, look up any terms you don’t understand in our life insurance glossary.

Do you need life insurance?

Take the time to think about how much money your loved ones might need to keep their standard of living if you were to pass away. This might include costs such as bills, mortgage repayments, school fees and any other debts you might need to repay.

How long do I need cover for?

Think about how long your kids will need your financial support, or when your other half might retire. If you are over 50 and want cover for the whole of your lifetime, rather than a fixed amount of time, you could consider our Over 50 life insurance.

Joint or separate life insurance policy?

If you and your partner would like combined cover, you can take out a joint policy. This pays out once and won’t provide cover for the second person after the first person passes away.

Another way would be to each take out a separate policy. So once we pay out for one person their policy will end – but the second person’s policy will continue.

What our life insurance covers

Level cover and decreasing cover policies cover you if you pass away during the term of your policy. We’ll then pay out a cash lump sum – it’s as simple as that.

What’s covered

Lump sum payment
You can choose up to £5 million worth of cover and we’ll pay the full amount after a successful claim.
Protection if you die
We’ll pay a lump sum if you pass away during the policy term – simple as that.
House purchase cover
If you’re taking out cover to coincide with the purchase of a new house, we’ll give you up to 90 days’ free life insurance. The free cover begins when we’ve accepted your application and you’ve exchanged contracts or completed missives, as long as you’ve given us a future start date that coincides with the completion of your house purchase. Terms apply. See policy conditions for full details
Terminal illness
Receive your lump sum payment early if you’re diagnosed with a terminal illness that meets our definition and you’re not expected to live longer than 12 months. Once payment is made your policy will end and no further claims will be paid.
Length of cover
You can choose the length of cover you need – from short-term to 50 years, or until you’re 90 years old.
A separation benefit
If you separate from your partner, we can split your joint policy into single policies

What’s not covered

Not paying your premiums
If your payments stop, so does your cover.
Cashing in your policy
The policy has no cash-in value at any time.
Death outside of the policy term
You choose how long your policy lasts. Once it’s finished, your cover will stop and we won’t pay out if you die.
Suicide and self-inflicted injuries in the first year
You won’t be covered if you die in the first 12 months of the policy as a result of suicide or intentional, self-inflicted injury.

How do I get a life insurance quote?

We only need a few details from you to get started. If you need help with your quote at any point, give us a call.

We need to know:

whether you’d like family or mortgage protection
how much cover you need
how long you need it for
whether it’s for you or for you and someone else.
if you want to add critical illness cover
your personal information such as your name, email address and date of birth
if you smoke