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Help and FAQ's

Have some questions? Here you can find all your insurance answers

Yes. You are allowed as many life insurance policies as you wish, and are welcome to take out additional cover even if your employer is already providing some protection

However, insurers may ask questions if you wish to insure yourself for a large sum, (in excess of £300,000). If you wish to have a high level of insurance, you may need to prove a need for this cover.

You can rest assured that you will receive the right type of policy for your circumstances because we operate on a fully advised basis which means that once we have carefully assessed your needs they will make a recommendation. This is a much better approach than starting a policy on a NON-ADVISED BASIS because we stand by our advice.

Multiple factors. The cost of your premium will depend on a number of key factors, including your age, medical history, lifestyle, weight/height (BMI), occupation and hobbies, as well as whether you smoke.

The type of policy, the length of the term and level of cover you choose will also affect the cost of your premium.

The main reason that an insurer will refuse to pay out on your policy is if they think you have not disclosed something important, (‘non-disclosure’).This could be to do with your occupation, your hobbies or whether you smoke or not.

If you are 100% truthful in your application to the insurance provider at the start of the policy, and if you make sure you keep them informed throughout the term of any major changes in circumstance, there should be no problem when the time comes to claim.

Critical illness is generally an optional add-on to a term-based life insurance policy, although it can be a standalone product too.

As well as paying out if you die, the critical illness element will also pay out if you become seriously ill with a condition covered by your policy.

You will pay one premium and the policy only ever pays out once – if you become critically ill, or if you die (but not both). Funds can be used to provide a welcome financial cushion if you are no longer able to work.

Critical illness is generally an optional add-on to a term-based life insurance policy, although it can be a standalone product too.

As well as paying out if you die, the critical illness element will also pay out if you become seriously ill with a condition covered by your policy.

You will pay one premium and the policy only ever pays out once – if you become critically ill, or if you die (but not both). Funds can be used to provide a welcome financial cushion if you are no longer able to work.

Decreasing term is a type of life insurance which covers you for a fixed period, (or term). However, unlike with level term, here the pay out amount on your policy reduces over time.

This type of policy is usually taken out by homeowners to cover a repayment mortgage in the event of one or both of them passing away.

As the amount owed on the mortgage decreases over time, so does the amount paid out by the insurance policy. These policies tend to be more affordable as a result.

Family income benefit is a form of life insurance, however, unlike traditional policies that pay out a lump sum, family income benefit provides the beneficiaries with a monthly, fixed, tax-free income.

Payments run from the date of the policyholder’s death, until the end of the term, as detailed by the policy. No benefit is provided if a claim has not been made by the time the policy expires.

Level term is a type of life insurance which covers you for a fixed period of time, (or term). The amount you are insured for remains the same throughout the policy. Usually, your premiums payments remain fixed too.

Regardless of whether you pass away in the 1st year or the 39th year of the policy (as long as the term has not elapsed), the pay out your family receive will be the same.

Life insurance is a great way of ensuring that your loved ones are taken care of financially if you were no longer around. It is a cost-effective way of offering your family protection while providing you peace of mind.

If you pass away within the policy term, your family/dependents will benefit from a lump sum pay out from the insurer, as specified by your cover.

Non-disclosure refers to the withholding of information that could be required by your insurance company. It can also refer to the provision of false information to your insurer, or to not being entirely truthful with the answers you give.

If you deliberately falsify information or don’t disclose something that could affect your insurance premium, your life insurance could be declined.

Worse still, if non-disclosure comes to light after you have been accepted onto a policy, the insurer may not pay out in the event of a claim.

Terminal illness cover is provided free of charge on most life policies we quote for. This additional cover means you can obtain your life insurance pay out early if you are diagnosed with a terminal illness.

A medical professional will determine that an illness is terminal if it is likely that you are going to pass away from the condition within 12 months.

The guaranteed sum assured refers to the amount of cover you have taken out. This is also the sum your beneficiaries will be paid out if a valid claim is made.

If you have £150,000 of life insurance cover, then your guaranteed sum assured will be £150,000.

Sometimes the guaranteed sum assured is referred to simply as the ‘pay out‘.

The ‘term‘ refers to the length of time you are insured for, as specified by your policy. Most insurers allow you to choose from terms as short as 5 years, right up to 40 years or more.

In order for a pay out to be made the policyholder must pass away (or becoming critically ill depending on the policy) during the policy term.

A whole of life policy guarantees to pay out a lump sum when you die, (whenever that is). There is no set term. The size of the pay out depends on your particular policy.

Some policies allow you to stop paying in premiums once you reach a certain age (i.e. 80 or 90 years). While others require you to pay monthly premiums right up until you die.

Because a pay out is guaranteed at some point whole of life policies tend to be more expensive compared with term-based cover.

Writing a policy into trust means your policy is managed by a nominated trustee until you pass away. As a result, your life insurance policy avoids forming part of your legal estate and the benefit can be paid directly to beneficiaries.

The key benefits are, you could avoid inheritance tax (40% over the £325,000 threshold) and the pay out is issued faster because your dependents will not have to wait for probate to be granted. This can take time specially if there is no will in place.

We are happy to discuss information on trusts with you and have an in-house trust team to support you, (for no fee). Although we cannot advise you.