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Protection

This will depend on the type of cover required and any other health conditions your may have in combination to the smoking.

Some people smoke cannabis occasionally, and others do this regularly. The insurer may also increase the premium if you have other health conditions and smoke cannabis. In the very worst case, they may decline cover altogether.

Our advisers will discuss your habits in detail and then source an insurer that may offer cover to you.

Some applications will ask if you used to smoke and how long ago you stopped, and you must answer this question correctly.

Insurers may request a medical test, and this will involve a cotinine test.

You must make sure that you declare your smoker status accurately as failure to do so could result in a claim being declined by the insurer.

You can contact the Unclaimed Assets Register for any unclaimed policies.  You will be required to provide personal details and proof that you are the person in line for receiving the payout.

Short answer is no as their needs to be an employee/employer relationship. A Limited Companies Directors (salaried) and all employees are eligible to take out a 'Relevant' life plan.

Some of the reasons why you may need life cover are:

- Providing a replacement income for the surviving partner;

- Paying of an outstanding mortgage or loan

- Paying for school fees or any other education costs

- Paying for a funeral, or other costs and IHT liabilities

- Paying the costs of an aged parent or bringing up dependent children

- Providing financial support to an adult child, e.g. during their early working years

This in simple terms means that the insurer will pay your premiums if you cannot work due to injury or illness and this will give you one less worry at a challenging time of your life.

 

However, there are conditions which will be listed in your policy document and if you meet these conditions you will be eligible to use this option should you need it.

 

Depending on how long the Waiver of Premium period is, you must pay your premiums for that time and after that time your monthly premiums will be waived.

 

Many insurers will continue to waive premiums until you are fit to return to work, your policy ends in this time or if you do not fulfil the insurers definition of incapacity. With most policies you need to add this option at the start of your policy.

These both types of insurances are paid by the business.  A Key Person’s Insurance benefits the business and A Relevant Life Plan is for the employee and their family’s benefit.  Key Person is geared towards mitigating losses for a business. 

Relevant Life protects against the death of an employee from relatives’ perspective by providing a tax-free cash lump sum to their family when they do pass away.

If you buy a term life policy it will pay the amount you have set within the duration you set.

 

For example, you might decide to set up a policy to pay £500,000 to your 75th birthday, so you would only pay monthly premiums to your 75th birthday and it would not cover you beyond this date.

When an insurance company processes a death claim they will require proof of death. This is provided by means of an original (official) Death Certificate - i.e. an official copy, made by a registrar, of the official entry in the Register of Deaths Photocopied certificates are not accepted - as these may be easily forged – and no other documents should be allowed as proof of death e.g. a grant of representation.

Solicitors are not generally allowed to photocopy death certificates for endorsement and use as evidence of death.

There is no legal limit on how many policies you can have, the levels of cover you apply for may be restricted depending on your financial circumstances.  You can take any number of covers as long as you can afford the premiums.  Multiple policies can offer an extra level of protection that a single plan may not able to provide you.