Why do I need Life Insurance?

The loss of a loved one is never an easy thing to come to terms with; the last thing you want in such circumstances, is financial pressure. The benefit of Life Insurance is that it provides financial support for your family or business partner at time of greatest need.

The principle reasons for taking out a life Insurance are that it will give you the benefit of having a lump sum available to pay off the balance on the mortgage; or replace the salary of a spouse or partner to ensure the family does not suffer financially.

The responsibility for looking after the children is very expensive especially if a nanny has to be employed, if you have educational expenses or school and university fees to cover; what ever the reason, you will be sure if the unexpected does happen, your family finances are secure.

What is the difference between terminal illness and critical illness?

Terminal illness is included with all life insurance policies free of charge. The definition, of terminal illness, is that you are given less than 12 months to live; in such circumstances the plan will pay out immediately and not wait until you die.

Critical illness covers any illness that is life changing and will in all likelihood affect your ability to work in the future (covering illness such as cancer and heart etc.,) each provider has a full detailed definition of illnesses covered within the industry minimum standard The cover does vary from one provider to the next our team of advisers would be happy to provide details.

Is tax payable on monies received under a life insurance policy?

All monies paid are tax free, however, it will form part of you estate if you die and could therefore be subject to inheritance tax; to avoid this issue arising we advise that all level term policies are issued under Trust , a free of charge service we offer to all our clients.

When will the policy not pay out?

Non payment of premiums

You have not disclosed all relevant information at the application stage

Commit suicide in the first 12 months of the contract

What will affect the premiums?

The principle facts that affect premiums are:

* Age

* If you use tobacco products (by approx. 50%)

* Medical history

* Family medical history

* Occupation

* Travel or residence (other than holidays)

* Participation in hazardous activities

* Alcohol consumption

* Use of recreational drugs

Should any of the above apply to you, we will discuss your case with underwriters prior to submitting an application on a no name basis, in order to obtain the best possible quotation for you!