What is Life Insurance?
Maybe it’s a new arrival in the family that has prompted you to look into getting some life Insurance in place (if so congratulations!) or possibly you are already parents but without any cover in place, maybe your benefits from work have ceased, or possibly you’re simply looking to save money on an existing policy which you hold, either way you’ve come to the right place!
We keep it very simple.
We quote you the absolute lowest premium we can offer first time and we think you’ll be very pleased with both the price and the standard of advice received. We pride ourselves on it. Life Insurance, also sometimes referred to as Term Life Cover, Life Assurance or indeed Life Cover is an insurance policy to provide a specified payment upon a death occurring within the term of the policy.
The term of the policy, that is the number of years it will run for is also specified at the outset.
You can also add Illness Cover to this type of plan which would pay all or a portion of the mortgage on the diagnoses of an illness covered by the plan.
For more information on Illness Cover please click here.
These are the essentials, but as I always say, you should not go ahead with any policy until speaking with an advisor to ensure it fits your requirements exactly. Feel free to give me a call on 01 539 44 50 for a quick chat. Ken.
The policy can be Single Life, which simply pays a claim on the death of the life assured, a Joint Life Policy which pays on the occurrence of the first death of either of the lives assured or a Dual Life Policy which can potentially pay out the sum assured twice where both deaths occur with the term of the policy.
With Dual cover, the policy can continue for the rest of the policy term in respect of the second life assured after the first death occurs. There are various additions that can be made a life cover policy with probably the most well-known being a ‘convertible option’. This can be a valuable benefit as it allows, for a slightly higher premium, the opportunity for the policy to converted into a new policy with a longer-term at any point. You will not be subject to any medical underwriting at that time. This can allow you to set a shorter term, only covering the period which you definitely know you will need cover but keep the option to extend if necessary. This can result in a lower premium being achieved. You can add Illness cover to a life policy, either on a ‘Standalone Basis’ or on an ‘Accelerated Basis’.
Where a standalone basis is chosen, the life cover and illness cover are independent of each other and where a claim occurs on the illness sum assured the full life cover sum assured will continue to stay in place for the remainder of the policy term. Where an ‘Accelerated Basis’ is chosen, the amount of life cover for the remainder of the term is reduced by the Illness payment in the event of a claim. This is a cheaper option and can be an ideal solution for a customer who requires both cover types but for whom cost is a major factor. It is important for those who require life cover to have the correct level of cover in place. Saying this, it is also important that you are not paying for life cover when you reach a stage in your life that your personal circumstances deem the cover unnecessary. If this is the case, we will be very clear in telling you that this is our belief.