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Protection

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.