Frequently Asked Questions.
Here are some common questions about Insurance Policies.
No one wants to think about their own demise, let alone plan for it. However, if you have a life insurance policy your family can be provided for financially, should the worst happen to you.
It’s possible that those with existing life insurance policies could benefit by comparing and switching (a process known as re-broking), but they need to remember that age plays a major factor in calculating premiums. As you’re less of a risk when you are younger, the older you are the higher your premiums. If you have pre-existing medical conditions you may struggle to find a deal as good as the one with your current provider.
It’s possible to hold multiple life insurance policies and in some cases this might be worth considering. If, for example you have an existing policy but you find out you need more cover, the most efficient way to arrange this is by taking out an additional policy.
Technically no, but the two terms are often used to mean the same thing. Strictly speaking, life insurance pays out if something happens to you, whereas life assurance pays out when it does.
Term assurance is a temporary protection plan that is designed to pay the insurance amount(sum assured) to the beneficiary in the event of demise of the life assured within the term of the policy.
Whole of life cover is guaranteed to pay out in case of your demise, meaning that it can be called life assurance. Because of the guarantee, it’s more expensive than term cover.
Mortgage insurance is a policy that is tailored specifically to clear any outstanding mortgage debt after the policyholder’s death.
This is a form of term insurance where the cover amount decreases over time, often in line with a repayment mortgage.
This is a form of term insurance where the cover amount is fixed for the policy duration.
This will depend on your circumstances and what you want cover for. We have a life insurance calculator to help you and a guide to calculating how much life cover you need, but would always suggest you seek advice if you are not sure about any product, request a call back by reaching out to us through our contact information on the website or chat with us directly.
The amount to be paid will vary according to different providers and products, but the typical factors considered by life offices are: Age, Sum assured, Policy term and plan type.