Life Insurance

No-one likes to think about what might happen when they die, but it’s important to ensure your loved ones are taken care of financially. 

Whether you are the main breadwinner, a home-maker or approaching retirement, a life insurance policy provides important financial protection for your family.

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What Is Life Insurance?

It is sometimes known as life cover, life assurance or death cover. You pay a monthly premium and in return, the policy pays out a lump sum if you die while the policy is in force.

You choose how much cover you want, which is the sum you insure. In return, you will receive a quote based on your age, occupation, health, family history and medical history, plus any other relevant factors. Contact Us to discuss your cover needs and get a quote.

Other common types of protection are Critical Illness Cover and Income Protection

See our Critical Illness page here: Critical Illness Cover

See our Income Protection Page here: Income Protection

How Much Life Insurance Do I Need?

Life insurance is beneficial for many reasons such as:

  • Paying off a mortgage or loan
  • Clearing debts
  • Cost of daily living for your dependants
  • Provide financial security
  • To cover funeral costs
  • Leave an inheritance
  • Offset the cost of Inheritance Tax liability

 

The exact reasons you need this type of insurance will depend on your personal circumstances. This means there is no “right” amount of cover that suits everyone.

We can calculate the cover that’s best for your circumstances. You might already have an existing policy in force, such as death in service benefits through your employer. We can review your existing policies and advise how much you need to make sure your family and all liabilities are properly protected. Contact Us to get a quote.

Life Insurance

Can I Get Life Insurance With Pre-Existing Conditions?

Yes. There are different types of insurance which may be suitable for you, depending on your personal circumstances and need for cover.

Most types of insurance policies will ask you questions about your health and medical history. Even if you have some health problems, it’s still worth applying for a policy.

Insurers won’t automatically refuse you, just because you’re not in perfect health. They may ask you to pay a higher premium for your cover. There are also some insurers who specialise in offering cover to individuals who have more health problems than others.

As a broker, we don’t tie ourselves to just one insurance company. This means we can scour the market to find a policy that suits your needs and budget. Contact Us and let us do the research for you. 

Are All Life Insurance Policies the Same?

No. When you’re comparing quotes for life insurance, it’s tempting to just go for the cheapest quote you get. After all, no-one wants to spend more on their insurance than they have to!

However, it’s important that you are comparing the same types of insurance. Not all types of life insurance are the same; some are more expensive because they offer more extensive cover.

More extensive cover may mean a higher amount of insurance. You should also check the type of cover, and whether there are any additional benefits, such as critical illness or terminal illness benefit.

Critical illness can be purchased as a stand-alone type of insurance, or bundled with life cover. It pays out a lump sum if you are diagnosed with one of the conditions listed. These include cancer, heart attack, stroke, and many more. 

Read more about Critical Illness Cover here: Critical Illness Cover

Terminal illness benefit is prepayment of the death benefit. Some insurance companies offer this if you are diagnosed with a medical condition which means your life expectancy is 12 months or less.

Contact Us to find a suitable insurance policy for your needs and circumstances.

What Type of Life Insurance is Right for Me?

There are two main types of life cover: whole of life and term insurance.

Term Insurance

Term insurance is a type of life cover that is only in force for a specified period of time, such as ten years. If you die during that time, the policy will pay out the amount of cover in full. If you die after the policy expires, nothing will be payable. Term life insurance is the cheapest type of cover you can buy.

There are many different sub-types of term insurance, such as renewable, or decreasing. The latter may be particularly suitable if you want to cover a standard repayment mortgage or loan. Contact Us if you want to discuss protecting your mortgage.

Whole of Life

Whole of life insurance is very different as it remains in force as long as you continue to pay the monthly premiums. Sometimes the premiums you pay are invested, and your policy may have a cash-in value if you decide to cancel it.

You can also choose to have joint insurance with a spouse or partner, or to put the policy in Trust.

As expert brokers in life insurance, we can advise on the most suitable types of policy to make sure your needs are fully covered. Contact Us today to discuss the options available.

Life Insurance

Are There Any Exclusions on Life Insurance?

Unlike other types of insurance, these insurance policies don’t usually have exclusions based on your personal and medical history. Companies will normally ask you to pay a higher premium rather than insist on excluding a cause of death.

Insurance policies contain a few standard exclusions, such as war, illegal activities and suicide within one year of taking out the policy (but you can still get cover after this time). You should always check the policy terms and conditions to make sure you understand any exclusions that apply.

If you don’t tell the truth about your health and medical history when you apply your claim may be refused. This can be extremely distressing for grieving loved ones, so it’s always important to be honest and make a full disclosure. Contact Us for more information.

Where to Buy Life Insurance

As life insurance brokers, we can help you to find the company that offers the most comprehensive cover for the cheapest quote. Contact Us today for an informal chat about your needs.

Similar pages you may find useful:

See our Critical Illness page here: Critical Illness Cover

See our Income Protection Page here: Income Protection

Association of British Insurers

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