Why do I need Life Insurance?

If you'd like to look after the people you care about most after you've gone, then you should consider life insurance. If you are the major breadwinner and your family relies on your income, you may want to consider other insurance options such as Critical Illness Cover or Income Protection Cover as a way of making things easier for you and your family if you are unable to earn a regular income.

How much cover do I need?

This is different for everyone and depends on your particular circumstances. It is recommended that you look to cover all of your debts and also consider any cover that you may already have from your employer for example.

As your circumstances change, for example you have more children or a move to a bigger house, you should remember to review your arrangements that you have and ensure you are protected accordingly.

How long should my cover last for?

Typically, your cover will last for a fixed term which could be in line with the term of your mortgage or until all your children are financially independent. We aim to provide you with a range of options based on your circumstances, for you to consider.

What is Level Term Insurance?

This is a Life Insurance policy that pays out a guaranteed cash sum if you die during the term of the policy or are diagnosed as suffering a terminal illness.

What is Mortgage Life Insurance?

This is a decreasing life insurance policy which is designed to pay off the outstanding balance of your repayment mortgage if you die or are diagnosed with a terminal illness within the term of the policy.

What is Critical Illness Cover?

Critical Illness cover will pay out a lump sum in the event that you are diagnosed with one of a number of serious illnesses of a specified severity, the most common being heart attack, cancer and stroke. The type and number of illnesses vary from insurer to insurer. The cover is very important in helping to pay for care and rehabilitation while you are sick, as well as supplementing or replacing income you might lose, helping to support you and any dependents you may have.

Can Life Insurance be taken out on a joint life basis?

Yes, you can take out a joint life insurance policy. This cover is designed to pay out a cash lump sum if either person dies, is diagnosed with a terminal illness or critical illness (where selected) within the term.

What is the maximum age at which you can start a
life insurance policy?

Cover provided by policies that we quote on ends when you reach your 85th birthday. We have a 5 year minimum period of cover so you must be no more than 79 years old when you take out a policy.

How long can I take out a life insurance policy for?

The term of the policy will vary depending on your age at the time of application. The maximum age we are able to cover you until is 85 years old or a 45 year term whichever is shorter.

If I take out a policy in a few years time rather than
now will it cost more?

Yes it is likely to be different because you will be older and age is a key factor in determining the cost of providing cover.

How many life insurance policies can I have?

As many as you require there is no maximum. However, some insurers may limit the amount of policies you can take out with them and you may be informed of these at the time of application.

Can I increase the sum insured in my policy at a later date?

Once the policy is set up you may have the option to increase your cover. You would need to contact us at the time to see if this would be possible. If it is not possible to increase your current policy then you have the option to take out a further policy for the extra cover that you need or could consider taking out a new policy to replace the one you have, but with the additional cover added in. It is important to note that the cost of cover can increase significantly for each year you get older and the state of your health at the time is an important determining factor in the cost.

What factors affect the life insurance premium?

Will I need a medical?

Possibly, the decision is made by the insurers underwriting office and is dependant on your personal health and lifestyle, a private medical report from your GP, or a medical may be required if you have an existing medical condition. If the cover is for a higher sum assured ie. over £250,000, or a person is over the age of 70 a medical is usually requested.

What types of medical conditions can affect my cover?

There are a range of medical conditions that may have an impact on your life insurance cover. If you are concerned about how specific conditions will affect your policy, please contact the Life Insurance team 0800 294 8171 for further information.

How long does it take for my policy to be set up?

Once we have completed the necessary underwriting, if the policy is accepted at standard rates it can start immediately. If we require further medical information from your GP, the time taken to set up the policy will vary depending on how quickly the report is returned to the insurer.

Is there a cooling off period?

Yes, the cooling off period is 30 days for all of the insurers we provide quotes for. If you cancel your policy within 30 days any premiums you have paid will be refunded to you.

Do I get any money back if I don't die before the end of my plan?

No, all of the policies we compare provide just insurance cover. There is no surrender, cash-in value or savings element with any of our policies.

Can I cancel the policy at any time and is there a fee?

You can cancel these policies at any time and there is no fee applied for doing so.