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- Where can I find help?
- To help you find your question, we have organised our FAQ’s into relevant groups. Answers to all sorts of more general questions are found in the General Questions section.
- Life Insurance - why do you need it?
- You may want Life Insurance to provide some financial protection for the family or to cover the payment of an Interest Only Mortgage.
- What personal details do you need to provide to get a quotation for Life Insurance?
- Only your date of birth, sex and whether you're a smoker. So it's really simple to get an immediate quotation.
- Should you have a “Guaranteed” or a “Reviewable” policy?
- With a Guaranteed policy your insurance company Guarantees never to increase the premium at any time during the policy’s term.
- Should the cover be on joint lives or separate lives?
- It may be better to buy separate policies.
What is Life Insurance?
Life Insurance is also known as Term Insurance.
Life Insurance pays a tax-free lump sum if you die whilst the policy is in force.
Life Insurance is an extremely useful and affordable form of insurance, which you can apply for at any time as long as you are under the age of 68. (Most insurers will not insure you over the age of 70.) It provides a level of security for your family if the worst was to happen.
If the Life Insurance is not related to a mortgage, you decide how much you want to insure for and the term- and the premium will be calculated accordingly.
If you are insuring to protect an Interest Only Mortgage the amount of insurance cover you’ll need will equal the value of your mortgage. You’ll also need the term of the insurance to match the length of the mortgage.
If you are insuring to protect a Repayment Mortgage you should take out Mortgage Life Insurance.
Most Life Insurance policies include Terminal Illness cover at no extra cost. This means that if you are diagnosed with an illness from which your Doctor expects you to die within a year, the insured sum will be paid out immediately.
Frequently Asked Questions related to the above topic.
Click below if you wish to read them: -
- Life Insurance - why do you need it?
- What do you need to know about Life Insurance?
- Should you consider Critical Illness Insurance instead?
- How long should you insure for?
- Should you have a “Guaranteed” or a “Reviewable” policy?
- Should the cover be on Joint lives or Single lives?
- Should you include Terminal Illness Insurance?
- What is the difference between Critical Illness Insurance and Terminal Illness Insurance?
- Should your policy be written “in Trust”?
- Which optional extras are important for Life Insurance?
- If your insurer asks for a higher premium because you are Rated, is it worth applying to another insurance company?
- How quickly will your application be processed?
- Is there any investment value in your policy?
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