Question 1

How much life cover do I need?

Accepted Answer

The amount of life cover or “sum assured” you need will depend on your personal circumstances. For instance, if you are married with children and have a mortgage, you may want to take out enough cover for your mortgage. You may also consider taking out additional cover for your family to help cover the costs and expenses after you.Our advisers can recommend the correct amount of cover for you after reviewing your information.

Question 2

How much will it cost me?

Accepted Answer

Premiums are dependent on your health & lifestyle circumstances, amount of cover & term applied for, your age at application and smoker status (which also includes personal usage of tobacco/nicotine products).

Question 3

How old do I have to be to take out life cover?

Accepted Answer

You have to be 18 years old at a minimum to take out life cover in your name.

Question 4

Can I also add my partner to my cover?

Accepted Answer

Yes, you can. Depending on your circumstances, we can recommend a joint life cover. Our advisers will discuss this option with you if it is relevant to your specific needs.

Question 5

Will my premiums be fixed?

Accepted Answer

Yes, your premiums will be fixed (guaranteed) throughout the life of your plan.

Question 6

Will my family have to pay tax on a life insurance claim pay out if I die?

Accepted Answer

Your life cover payout will go to your family after probate which can be time consuming and costly. Once they have received the payout, it will be counted as part of your estate and may be liable to Inheritance Tax (IHT). If this is placed into a Trust, it will not form as part of your estate.

Question 7

What is a trust?

Accepted Answer

A trust, similar to a will, is a legal document which allows you to assign the proceeds of your plan to your trustees (people you trust) to distribute to your beneficiaries (people you want to benefit from your plan). It is very important to put life insurance plans into Trust so that any benefits paid out will not form part of the estate. This will avoid the lengthy process of probate and means that the benefits may not be subject to inheritance tax. There are different types of trusts which our advisers will guide you through. This is a free service that we offer to all our clients.

Question 8

Can I make changes to my trust at any time?

Accepted Answer

Depending on the type of trust you have, you can make changes at any time. For example, you can change your trustees or beneficiaries.

Question 9

What exclusions will I have on my cover?

Accepted Answer

Generally, insurance companies will exclude claims based on suicide, drug related death or alcohol abuse. You should always consider the terms and conditions and key features which will be sent to you.

Question 10

I’m interested, but what if I were to take out cover later instead?"

Accepted Answer

You can opt to take out cover later however you will need to consider the following:
 • Premiums will increase based on your age at application.
 • May involve lengthier underwriting including medical investigations and GP Reports depending on the level of cover and age at application.
 • Changes in your health and lifestyle can increase your premiums or lead to a postponement or decline of cover if taken out at a later stage.

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