The payout is not subject to any taxes but if you have any Inheritance or if the payout forms part of your estate it may be beneficial to place your policy in trust. Before you do this, you need to speak to an adviser.
This depends on the type of insurance you’ve taken out. For example if you are covering your mortgage then the amount will decrease in line with the amount with the loan. The monthly premium you pay will be the same each month.
If you have opted for RPI your premium and amount paid out will be in line with this each year. Please note that some insurers will only offer this for the first few years and if you decline it each year, it will no longer be available for you.
Sometimes these types of policies are not that much more expensive than having one joint policy. If you both pass away it would mean that your beneficiaries would have more of a payout.
A joint policy would end as soon as one of you die and if you had two separate policies and one of you are still alive it will continue until the end of the policy or on death.
It is important to note that everyone’s financial situation is different and it may be that these are is more suited to your circumstances and budget.
Both these refer to serious medical conditions. The difference is that a critical illness gears to a specified serious injury, illness or medical episode, and terminal illness means your hospital consultant expects the illness will lead to death within the next 12 months.
No, they are both the same thing using different terms.
Some countries are listed as areas of concern e.g. you would need certain medical tests if you have spent a considerable amount of time there or it could be an area of conflict which would mean cover would not be available to you if you travel there due to the dangers.
All insurers have a different underwriting criteria and as part of our service, we will assess and look to obtain the right insurer for your requirement.
The question to ask yourself is – do your loved ones rely on you financially? If the answer is yes, then it’s worth getting life insurance so they can live without financial struggles when you die.
You do not need to take out life cover to pay your mortgage, but if something happens to you, can your family continue to keep up the monthly payments? Do they have the savings to repay the debt in full?
These are some of the questions that you need to ask yourself before you make a final decision on whether to take out cover or not!
It's tough deciding how much cover you should have and depends on your individual circumstances, lifestyle, expenditure and financial commitments.
One of the main factors is also how much can you afford to pay in monthly premiums.
This is a plan which may have been recommended to you if your beneficiaries will be liable to pay any Inheritance Tax on your death.
The plan is set up to payout when you die so it can help your loved ones to pay off any taxes.
A Whole of Life is generally more expensive than a term policy as it is a plan that is guaranteed to pay out at whatever age you die as long as premiums are paid up to date.