Life Insurance Frequently Asked Questions
Do you proffer advice?
We provide expertise and knowledge to make sure that you get the most competitive rate and offer you information to make an informed decision.
What if I have a special request in my policy?
We offer great flexibility so just ask if you need to include different elements in your policy.
How are you able to offer insurance for as low as £5/month?
Life insurance has become much more competitive over the last few years so we can often save you money. In addition, we obtain quotes from a number of UK insurers and are therefore able to provide you with a suitable policy at a low price.
How long can I be insured for?
It is possible to usually choose a term between 5 and 40 years, depending upon your provider.
How does a Mortgage Protection Policy work?
A mortgage protection policy will give you cover to match the outstanding balance of your repayment mortgage loan. Should you die during your term, your policy will pay a lump sum. It is important to note that should you have an interest-only mortgage, these plans will not be suitable.
Explain Level Term Assurance?
Throughout the term of your policy, the sum assured remains the same.
What is Decreasing Term Assurance?
Decreasing Term Assurance is where the total amount that you are insured for decreases with time. It is generally used alongside the repayment of a mortgage.
How does Terminal Illness Cover work?
This provides you with cover if you become diagnosed as terminally ill and have less than 12 months to live. Often, this cover is generally unavailable within the last 18 months of the policy term.
Explain Critical Illness Cover?
Critical Illness pays out the sum assured if you are diagnosed with a specified critical illness.
Is Terminal Illness the same as Critical Illness?
These are two separate types of illness; if you are unsure of which you require, it is advisable to contact a specialist.
How soon can I expect to be covered?
The whole process will take you as little as 5 to 10 minutes. If you have any queries or questions for us, then we are more than happy for the process to take as long as you like. We are here to answer any questions you might have and get you life insurance as quickly and easily as possible. Many websites offer a free online life insurance quote, with no obligation.
Do I require life insurance?
Most people will take out life insurance depending upon their circumstances. For the majority, this will be to cover mortgage or loan repayments and to help your family survive financially.
How much life insurance cover will I need?
The decision to obtain life insurance is a very personal one and will depend upon your circumstances. Should you have children or dependants, it is important to obtain enough to cover your income. It is also worth considering the inclusion of expenses that arise when you die, for example funeral costs.
What do I need to be aware of when taking out life insurance?
It is vital that you answer all of the questions you are asked truthfully so that your life insurance policy remains valid should a claim be made. It is also vital that you remember to pay your premiums on time, else your policy will be voided. There is no cash-in value for a policy.
Who can have life insurance?
The majority of insurance companies ask that you are a UK resident and 18 years of age or above. There is no upper age limit but it is worth remembering that life insurance is often more expensive the older you are. There are some cases in which you may be declined for life insurance; these may include existing medical conditions.
When would a life insurance policy pay out?
A Life Insurance policy would pay out the sum assured if you were to die within the term of your policy.
How much will life insurance cost me?
Life Insurance premiums are based on factors such as your age, gender, if you smoke, your medical history and that of your family, height/weight and the amount and type of cover required.
What types of occupation and sports may affect my premiums?
Individuals with occupations or hobbies that insurers consider dangerous will often have greater premiums on the basis that they are a greater risk to cover. Such hobbies considered the most dangerous include aviation, climbing or mountaineering, diving, motorsports and parachuting/skydiving. The most risky occupations according to insurers include jobs involving working at significant heights, offshore gas and oil industry roles, armed forces, pilots and commercial fishermen.
Because not all companies view risk in the same way, it is always worth considering quotes from a number of different companies in order to find the most competitive price.