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Do I need life insurance? expandable section
There are several reasons why life insurance may be important to you. If you die, it can, for example, help provide for your partner, family or dependants or pay off your mortgage or other outstanding loans.
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How much cover might I need? expandable section
It depends on your personal circ*mstances. There are some things you may need to consider, which your adviser will go through with you. These could include:
- how much your family would need to support themselves without your salary
- the size of your mortgage and how long it’s got to run
- any other outstanding loans or debts you have
- the amount you want to pay each month.
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Can I include critical illness cover with life cover? expandable section
Yes, you can take outlife insurance with critical illness. Life with critical illness life cover can provide a cash sum on death or on diagnosis of a terminal illness or specified critical illness within the policy term
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Can I take life cover out with my partner? expandable section
Yes, you can choose to each have your own individual policy or you can have a joint policy. For a joint policy when one of you is diagnosed with one of the illnesses covered by the policy the cover ends for both of you. The payout will normally go to the person who has been diagnosed.
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Can I choose who gets the payout if I die? expandable section
You may wish to put your policy in trust, where you can specify who should benefit (the beneficiaries). You should speak to your adviser if you would like to do this. You can also find information on putting policies in trust from theMoney Advice Service.
It’s also important to have a will in place to protect your assets and your loved ones. Learn more aboutwriting a will.
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Can I choose when to start my policy? expandable section
Yes. When you apply you can:
- start it as soon as possible
- choose ‘Not known yet’ (if you are unsure when you would like your policy to start)
- give a specific date
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Do I get any money back if the policy reaches the end of its term and I haven’t made a claim? expandable section
No. Life insurance policies have no cash-in value at any time. Also, if you don’t pay your premiums on time your cover will stop, your benefit will end and you’ll get nothing back.
HAVE WE ANSWERED ALL YOUR QUESTIONS?
We hope you have found this summary of frequently asked questions helpful. If you have any further questions pleasecontact usor your financial adviser.
GOT A QUESTION?
GOT A QUESTION?
If you need to ask us a question about life insurance, then get in touch.
HOW TO APPLY
HOW TO APPLY
Are you looking for life cover or critical illness cover? Find out how you can apply.