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Life insurance is essential when planning the financial security of your dependants. This means protecting anyone who is financially reliant on you. It is important not to put your head in the sand as not doing anything could put loved ones at risk. Life insurance is a simple way to confront the issue.
For most people "term" is the most effective form of cover as this pays out an agreed amount if you pass away in a specified period. These are much cheaper than permanent life insurance, however there are situations which require different types of plan:
Level Term - Dependant children / interest only debts
Decreasing Term - Repayment mortgages
Family Income Benefit - pays a monthly income
Whole of Life - Funerals / Inheritance Tax (medical questions - cheaper)
Over 50's - Funerals - Permanent cover (no medical questions)
Life insurance protects your loved ones in the event you pass away. You decide on the amount of money paid on your death and the length of time you need to be insured for.
It depends on your personal circumstances, you may want to leave enough money for your loved ones to be able to clear the mortgage/debts, raise dependant children, pay for a funeral, or simply leave an additional lump sum for any purpose.
Yes you can, when you purchase life insurance it is easy to add Critical Illness. however it can be significantly more expensive than simple life cover, so it is worth calling in and speaking to an advisor in order to personalise your quote.
Decreasing and Level Term insurance - Pays out a lump sum should you pass away whilst your loved ones are vulnerable
Whole of Life - Permanent life insurance with medical underwriting so that if you are in good health you get the best price possible
Over 50's - Permanent life insurance with no medical (great if you have serious pre-existing conditions
Some providers allow you to modify a number of aspects of your plan using a "guaranteed insurability option":
The sum assured
Remove an individual from a joint plan
It imay be possible to "split" a joint plan into individual plans if a couple divorce or change a mortgage to individual ownership
Some people may find it difficult to take out life insurance if they have a serious pre-existing medical condition, depending on how severe the condition some providers may increase the price or decline cover.
However many insurance companies look at conditions in different ways, and so just because one company increased the price or declined cover does not necessarily mean they all will.
The best thing to do is give us a call, using our experience we will find the provider who will look at your circumstances in the best light.
Terminal Illness Cover is included for free with most providers. It could pay out if you're diagnosed with a terminal illness and you GP believes that you have 12 months or less to live, rather than on death.
Critical Illness is available when you buy life insurance at an additional cost. It's designed to pay if you're diagnosed with a specified critical illnesses during the length of your policy. The illness' considered to be critical varies sometimes dramatically between providers, so it is important to make sure that you are getting good quality as well as a good price
Read more about Terminal Illness Cover
Read more about Critical Illness Cover
Yes we can help you place your life insurance plan into trust for FREE when you take out a plan.
This can help you reduce your inheritance tax liability and will generally get the money to your loved ones faster than where probate is required.
Read more about Trusts here
Not always, you can choose to take out a plan that will pay out a monthly income instead of a lump sum.
Read more about Family Income Benefit
Yes, you can cancel a plan at any time however you wont get any money refunded. If you cancel within the first 30 days you will get your first premium returned.
If your life insurance is placed in trust however you will need the permission of all the trusties to cancel the plan.
This will depend on the type of insurance that you purchase but it is easy to fix your price when you buy your plan. For further information use the links below
Guaranteed premiums - Fixed price
Reviewable premiums - Price will increase at 5 year intervals
Index linked plans - Price increasing in line with inflation, but your cover is going up too
Age rated plans - price goes up each year on your birthday (this is usually a bad idea over the long term)
Generally joint plans are cheaper, and if you have no other dependants or if the plan is only needed to repay a mortgage this is the best bet.
However although Individual plans are slightly more expensive (as you are covered independantly), if you both passed away there would be twice as much money for your children/other dependants.
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