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    Life Insurance FAQ’s

    What exactly is Life Insurance?
    Do I need life insurance?
    How much cover do I need?
    What is the difference between insurance and assurance?
    Why are life insurance premiums different for each individual?
    How can I save money on my life insurance premiums?
    Where can I buy life insurance from?


    What exactly is Life Insurance?
    It is an insurance policy (contractual agreement) between an insurance company and a policy holder. The insurance provider agrees to pay the policy holder an agreed amount of money should the policy holder die. It’s main aim is to protect the policy holders family or designated beneficiary from financial hardship. In return, the policy holder must pay the insurer a monthly premium dependent on various factors such as age, medical history, current state of health etc.


    Do I need Life Insurance?
    Well that all depends on your personal circumstances and what current financial commitments you would pass on to your family in the event of your death. If you have a mortgage or any loans then you have to consider if your family could continue to make these payments after your death. You also have to consider any funeral costs. If you feel you need life insurance then you should always speak to an independent advisor. After filling in our online quotation form, a fully qualified and FSA regulated insurance advisor will contact you to discuss any questions you may have. This advice will be fully independent, unbiased and free of charge.


    How much cover do I need?
    Again this will depend upon your individual financial circumstances. There is a lot of conflicting advice on the internet and what you have to consider is the financial security of your beneficiary. Whilst a lot of people will decide to cover themselves for a multiple of their yearly income, you have to factor in any outstanding mortgage, loans, finance agreements etc. The best thing to do is to fill our life insurance quotation form in and speak to an independent advisor who will be able to offer professional and unbiased advice.


    What is the difference between insurance and assurance?
    Term life insurance will pay the policy holder if they die during the length of the policy but if the policy holder is still alive at the end of its duration then no payment is made and the policy just simply expires and the premiums are stopped.
    Life Assurance is more of an investment policy where a part of your premiums are invested. Usually, assurance will run for the rest of your life and pays out on the eventuality of your death. However, with term life assurance, if you are still alive at the end of the policy then you will receive a payment. This is why it is classed as an investment but usually, premiums are higher for life assurance when compared to term life insurance.


    Why are life insurance premiums different for each individual?
    Life insurance policy premiums are worked out using many different factors such as the level of cover required, an applicants age, state of health, medical history, occupation. All these factor the level of risk you provide to the life insurance provider. If you smoke, are elderly, have a dangerous occupation etc then you insurance premiums will general be higher.


    How can I save money on my Life Insurance Premiums?
    There are many ways that you can save money with your life insurance premiums. The first way is to get your quotes from an independent life insurance broker. They can compare quotes from many of the UK’s leading insurance providers to help find you the most suitable policies at the best prices. Another way is to ensure that you do not take out more cover than you require.
    By ensuring you live a healthy lifestyle which includes exercise and eating well and do not smoke then this can help reduce your life insurance quotes.


    Where can I buy life insurance from?
    There are many ways to buy life insurance and it is widely regarded that the cheapest way is through an online insurance broker. With low overheads and being able to compare quotes from the whole of the market, they are able to offer cheap quotes and are often cheaper than going to the insurance provider direct. Banks can only offer and advise on their own insurance products and whilst comparison sites are proving to be very popular you very often pay more than what you are quoted. Also, with comparison sites you are able to buy your life insurance directly through their website which you should be very wary of as it is strongly advised that you speak to an independent advisor before purchasing insurance and do not purchased none advised.

     

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