Do I need Life Insurance?
Life Insurance should be given serious consideration if you have any form of financial responsibility. If you own a house, rent a house with a partner or have children then you have financial responsibilities and you should look at protecting your family against your death.
How much life insurance do I need?
The answer varies for each customer and you need to assess your own situation. You need to consider the cost of repaying any outstanding mortgage, how much money would your family need to comfortably live without your income? Would your family need to pay childcare if you weren’t around?
What is Level Term Insurance/Assurance?
Level Term Life Insurance means the level of cover remains the same throughout the term of your policy and pays out a guaranteed lump sum payment if you die during the term of the policy or on diagnosis of a terminal illness
What is Decreasing Mortgage Life Insurance/Assurance
Mortgage Life Insurance can help care for your family’s financial situation by paying off the outstanding balance of the mortgage on your home with a cash sum should you die before the end of the term of your policy. The level of cover decreases in line with a standard repayment mortgage, so you are only paying for the life cover your require
Do I receive any cash payment at the end of the plan if I am still alive?
No, if you survive the term and the sum insured has not become payable then the plan ceases and nothing is paid out as term assurance does not have any cash in value at any time.
Do Life Insurance Providers every deny claims?
From time to time, an insurance company may refuse to pay out a life insurance claim, although only if they have been deliberately misled by the holder, to obtain a cheaper premium rate or a higher payout. It’s important to be totally honest with your life insurance provider and to update your life insurance when you move house, get married or have children
Can I place my plan into a trust?
With a claim on your death, the money will be paid to your estate and maybe subject to Inheritance Tax. Writing your life insurance into a trust ie, assigning the proceeds to a specific person, means that the proceeds of the policy will be paid directly to the beneficiaries and will not form part of your estate. Placing a plan in trust usually means that your beneficiaries will receive payment quicker as the money will not go through probate. There is no additional cost for this service, please contact us if you would like us to arrange this for you.Get A Quote