We have put together a selection of questions and answers to help you to understand more about life insurance.
If you would like any advice or wish to discuss your requirements with us please ring us on 0845 070 4235
When can I start my cover?
We will guide you through the application process and once your application has been accepted and the availability of cover confirmed, we can start your policy immediately or at a date in the future specified by you. It’s your choice.
Do I get any money back if I do not die before the end of the term?
Sorry, afraid not. These are not savings plans, they are for protection purposes only, and do not have a cash in value at any time. However you will have had the peace of mind that, should the worst have happened, your family would have been protected financially.
How much cover should I get?
Ultimately you decide how much Life Insurance you need. If you know exactly the level of cover you want and how long you want it for use our quote and apply process. If you are unsure please calls us on 0845 070 4235 and one of our Advisers will be happy to help.
Can I cover myself against illness as well as death?
Yes you can. We have policies that will pay out a lump sum if you are diagnosed with one of a group of specified illnesses. There are also policies that will pay you an income if you can’t work due to accident or ill health.
Who can apply for Life Cover?
Any UK resident aged between 16 and 89 at the start of the plan. A UK resident is defined as someone who is permanently resident in the United Kingdom of Great Britain and Northern Ireland (excluding the Channel Islands and the Isle of Man)
How much does life insurance cost?
Premiums start from £5 per month. The amount you pay depends upon your individual circumstances, the level of cover you need and the term over which the premiums are to be paid.
Can I decide who gets the money if I die?
Yes you can by placing the policy in trust which is something we can help you with. Please note trusts may not be suitable in all circumstances if in doubt contact a solicitor.
Can you buy joint cover?
Yes. You can have joint cover that pays out if one of you dies during the plan term. Only one pay out per plan can be made.
How long should you get cover for?
If you’ve got an interest-only mortgage, your outstanding mortgage loan stays the same until you repay it all at the end of your mortgage term. Level Life Insurance might be suitable to cover this type of mortgage.
However, if you’ve got a repayment mortgage, Decreasing Life Insurance may be more appropriate because the amount of cover reduces during the term broadly in line with the decrease in your outstanding mortgage loan.
How can you pay?
You can pay your premium by monthly direct debit.
Are pay-outs taxed?
Pay-outs for terminal illness and life claims are usually free of income and capital gains tax, but in some circumstances inheritance tax may be payable. You can normally help avoid this by putting your plan in trust. Bear in mind that the law relating to tax may change in the future.
Any reference to taxation is based on our understanding of current tax rules and regulations which are subject to change.Request a Quote