Most Popular Life Insurance Questions In 2024 Revealed

If you’re thinking about buying life insurance, you might have a few questions. Just what is life insurance? What’s covered and what isn’t covered? We’ve analysed search data from Google, and while there is a huge number of searches for life insurance and related products, it’s clear that people are rather confused by what life insurance actually is!

International life insurance is there to protect your family if you pass away unexpectedly. But who needs life insurance? How much cover do you need? Should you choose whole life or term life insurance? How much does it cost? Do you need life insurance to get a mortgage?

We take a look at some most common questions about life insurance, and answer them for you here.

Research suggests people are most confused by what life insurance is

With around half a million annual searches, people across the globe are most confused by what life insurance is.

To put in plainly, life insurance is a contract between you and an insurance company. You pay your premium payments and in exchange, the insurance company will pay a lump sum, known as a life (or death) benefit, to your beneficiaries after your death.

Of course, this isn’t the only question that people want the answer to. Google searches globally around the topic of life insurance shows that many people all over the world not only want to know what life insurance is, but why they need it, and how much it costs.

Popular life insurance questions

Source: Ahrefs, April 2024

How much life insurance do I need?

How much life insurance you should carry is an individual choice and depends on a few factors. If you have financial dependents, you should consider how their lifestyles may change without your income.

The main things most people want to cover are:

• mortgages
• loans and debts
• critical illnesses
• family expenses
• income replacement
• funeral costs

Your insurance needs will also change over time – for example if you have children, or if your parents become financially dependent on you.

Do I need life insurance for a mortgage?

It’s no surprise that a recurring theme in the research is around mortgages and whether life insurance is needed to take out a mortgage.

In the UK, you are not legally obliged to have life insurance for a mortgage, but some lenders consider it a precondition for letting you borrow money to buy a home.

It may be a good idea to check whether this is a condition of your lender and then think about your options. When buying a property, having financial protection in place might make sense so it’s important to investigate the choices you have to make to safeguard yourself and the ones you love.

Life insurance for parents

Interestingly, overall, ‘life insurance for parents’ has over 74,000 annual searches globally.

The United Nations global issues report on ageing states that “The population above the age of 65 years is growing more rapidly than the population below that age. It is projected that by 2050, the number of individuals aged 65 years or above across the world will be twice the number of children under age 5 and almost equivalent to the number of children under 12 years.” Has this aging population left us wanting to get our parents’ finances covered?

You can in fact buy life insurance for your parents as long as their financial loss would be passed to you if they were to die, however you will need their permission to take out a policy on their behalf.

Make sure you talk this decision through with your parents to ensure you get them the right and best policy for both of your needs.

Furthermore, those who are becoming new parents can often start to be concerned about whether they need life insurance. It goes without saying that raising children is expensive, and having life insurance in place protects them from losing the support of your income.

Don’t leave anything to chance. Choose total peace of mind instead.

At William Russell, we offer international life insurance exclusively for expats like you. Become a member today to enjoy worldwide coverage, giving you total peace of mind wherever you move to live and work.

For over 30 years, William Russell has specialised in helping expats get the insurance they need at a great price. We are proud of our award-winning customer service and our comprehensive policies that have helped families live their lives to the full.