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.
The insurer will ask additional questions to assess if you have had symptoms or had the Covid19 virus. If you have been affected then in most cases, they will not offer cover for 3 months to ensure there are no long-lasting effects and you have made a full recovery. The full extent of the impact coronavirus will have on the UK insurance market in the long term is unclear as yet.
However, if you're thinking about buying life insurance, there's no harm in doing it now. It won't cost you more due to the coronavirus, but you will get cover if the worst happens.
With time, most people's circumstances will change, e.g. marriage, divorce, children, moving home to name a few.
If you need to increase or decrease your policies, you can contact us, and we will be able to assist you.
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 will protect you if you are diagnosed as terminally ill during the duration of your policy and have less than 12 months to live. With most Life Cover policies this may be included at no extra cost to you.
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!
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.
This is a policy which covers two lives and pays out when either individual dies during the length of the plan. A joint life policy can be set up in two different ways, but there is always only a single payout.
Joint life First death – will pay out when either one of the policy holders passes, the policy will be paid out to the surviving partner.
Joint life Second death – will pay not pay out if either policy holder passes away, the premium and cover continue until the surviving policyholder passes away.
To find out more about this type of policy, please contact us, and one of our advisors will be able to go through this in detail and answer any queries you may have.
If your plan has Indexation or is an Increasing cover, then the amount of cover will increase every year, to help combat the effects of inflation.
The insurers will ask specific questions about the type of Hepatitis you were diagnosed with. Such as the date of diagnosis, the medication and treatment you received and any other conditions you have had or have.
A medical report from your GP may also be required, and even a nurse screening for the insurer to is prepared to offer you life cover.
Based on the information provided, they may increase the premiums following the disclosures or decline to cover you.
It's always worth having a conversation with us to find how we can help you.
Insurers will ask a series of questions, including when the last seizure was, was their loss of consciousness and whether you remained in hospital. Depending on when this took place if you were on any treatment and if there are any other medical conditions, insurers may offer you cover.
Some may increase the premiums following the disclosures. Still, it is worth having a conversation with us to find how we can help you.
The cost of life insurance will depend on several factors, such as your Age, Health, Lifestyle, Habits, smoker status! Also, the type of policy, the amount of cover, how long you want the cover will all determine the premium you pay.
Most life insurances allow you to increase your sum assured at differentm ilestones without any medical examinations. Depending on the cover amount involved, the increases could be offered without any further medical evidence if your plan has a 'Guaranteed Insurability' option.
Death is inevitable and is a subject most tend to avoid! If you have a young family or a mortgage, you should consider the implications of your death on them when you pass away?
Think about how they will repay debts, support themselves financially, and how will they pay for your funeral!
Having Life insurance payout will help to ease the burden on your loved ones by providing financial support on your death.