For full terms and conditions, click here.
Entries close 31 March 2021.
Life insurance is an insurance policy that offers you a lump sum pay out should you pass away. This can be used for many reasons from repaying a mortgage, leaving an inheritance to your loved ones, or simply to pay for future funeral expenses.
With many different types of cover and options available, getting the right advice is crucial to making sure you have the right life insurance cover to suit your needs.
Life insurance does exactly what it says on the tin – it’s an insurance policy that pays out upon your death. These policies can be taken out to cover any sum that you feel appropriate, from as little as £5,000 to cover a funeral to £5,000,000 to cover assets, inheritance liability and properties. Generally speaking, you can arrange life insurance at any stage of your life, and can even apply after your retirement, most providers will allow you to cover yourself up to age 80.
Some providers will allow you to extend the term towards your 90th Birthday to help offset the costs of later life care.
But that is no longer just ‘it’ when it comes to life insurance – and this is where getting the right advice is important.
Life insurance companies now offer a wealth of support and have increased the options and benefits available to you when taking out a new insurance policy. For example, Terminal Illness Benefit means that should you be given a prognosis of 12 months or less, the life cover will pay out in advance, to help you and your family financially in the hardest of times.
There’s also ‘waiver of premium’ benefit meaning that if you are unable to work long term, they will waive the monthly premiums until you are able to return to work. This means you can keep your policy and all the included benefits even if you fall on financially hard times.
By discussing your family situation, liabilities, needs and lifestyle with a qualified adviser, you can get the advice you need to find the right life insurance solution for you.
Straightforward life insurance cover is the most cost-effective insurance policy compared to its counterparts. The cost of life insurance is based mainly on your age, occupation and smoker status, as well as the amount of cover you want. This means that the younger and healthier you are when you take out the policy, the lower the cost will be.
In most cases when looking to cover a mortgage, provide for your family, looking to cover funeral costs or leave an inheritance – life insurance can be incredibly cost effective and cheaper than most other direct debits you may have.
It is true that in some circumstances, some people with severe existing medical conditions may not be able to get life insurance. For instance, if you had suffered a recent heart attack, it would be unlikely you would be able to get cover so soon after the incident because the risk of a recurrence.
However, life insurance providers have the option of offsetting the risk of some conditions by increasing the monthly premium. This has seen people suffering with Multiple Sclerosis, Fibromyalgia, previous episodes of cancer and other existing medical conditions be able to get some degree of life insurance cover for their families.
If you do have an existing medical condition, the advisers at FOCUS will be able to talk through your needs and situation in confidence to find you the most appropriate life insurance solution cover to suit you.
The simple answer is yes. On average, a like for like life insurance policy will cost in the region of 25% more for a smoker than a non-smoker. This also includes all forms of e-cigarettes and vapes, as this is still considered by providers as a nicotine product and therefore you are still considered a smoker. However, providers do take into consideration the number of cigarettes you smoke, or how long since you quit if you are an ex-smoker in order to give you the best premium rate based on your circumstances.
This is an exceptionally common question asked when talking about life insurance. The insurance world has undergone a drastic revolution in recent years and where death by suicide used to negate all life insurance contracts, this is no longer the case. Today, insurance companies will pay out if the death is a result of suicide as a standard feature, with the caveat that they will only pay this if the policy has been in place for 12 or more months.
The plan will have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
If you would like to discuss your life insurance arrangements, contact us.