This is a plan which may have been recommended to you if your beneficiaries will be liable to pay any Inheritance Tax on your death.
The plan is set up to payout when you die so it can help your loved ones to pay off any taxes.
A Whole of Life is generally more expensive than a term policy as it is a plan that is guaranteed to pay out at whatever age you die as long as premiums are paid up to date.
This will protect you if you are diagnosed as terminally ill during the duration of your policy and have less than 12 months to live. With most Life Cover policies this may be included at no extra cost to you.
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.
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.
This is a policy which covers two lives and pays out when either individual dies during the length of the plan. A joint life policy can be set up in two different ways, but there is always only a single payout.
Joint life First death – will pay out when either one of the policy holders passes, the policy will be paid out to the surviving partner.
Joint life Second death – will pay not pay out if either policy holder passes away, the premium and cover continue until the surviving policyholder passes away.
To find out more about this type of policy, please contact us, and one of our advisors will be able to go through this in detail and answer any queries you may have.
If your plan has Indexation or is an Increasing cover, then the amount of cover will increase every year, to help combat the effects of inflation.
The insurers will ask specific questions about the type of Hepatitis you were diagnosed with. Such as the date of diagnosis, the medication and treatment you received and any other conditions you have had or have.
A medical report from your GP may also be required, and even a nurse screening for the insurer to is prepared to offer you life cover.
Based on the information provided, they may increase the premiums following the disclosures or decline to cover you.
It's always worth having a conversation with us to find how we can help you.
Insurers will ask a series of questions, including when the last seizure was, was their loss of consciousness and whether you remained in hospital. Depending on when this took place if you were on any treatment and if there are any other medical conditions, insurers may offer you cover.
Some may increase the premiums following the disclosures. Still, it is worth having a conversation with us to find how we can help you.
The cost of life insurance will depend on several factors, such as your Age, Health, Lifestyle, Habits, smoker status! Also, the type of policy, the amount of cover, how long you want the cover will all determine the premium you pay.
Most life insurances allow you to increase your sum assured at differentm ilestones without any medical examinations. Depending on the cover amount involved, the increases could be offered without any further medical evidence if your plan has a 'Guaranteed Insurability' option.