Buying Life Insurance    Compare Broker Only           ~ Life Insurance & Critical Illness Deals On-line >15 secs

Buying Life Insurance - Typical Key Features

            What to look for ~ if you want to Buy Life Insurance

• Lump Sum policy (where cover is paid out as a lump sum during the term)
• Income policy (where cover is paid out as a income during the term)
• Whole Life Insurance Policy (where cover is paid out whenever it happens)
• Increasing policy (where cover and premium rise over the term)
• Single Life Insurance Cover policy (where cover is paid out as on one life only)
• Joint Life Insurance Cover policy (where cover is paid out on 1st or 2nd death)
• Decreasing Life Insurance Cover policy (where cover fall over the term)
• Renewable Life Insurance Cover policies (which lets you extend the original term)
• Endowment Insurance Plan (an investment amount can also be paid out when the plan ends)
• Convertible Life Insurance Cover (option to convert the life plan to another type during its term)
• Flexible Protection Plan (where cover maybe amended, extended or benefits added or removed)
• Guaranteed Life Insurance Cover (where the premiums stay the same during the term)
• Reviewable Life Cover (premiums at a review may go up - usually every year or 5 years)
• Waiver of Premium (the Insurer waives/protects & covers your premiums after a deferred period of 4/8/13/26 weeks due to sickness or accident)
• Premiums paid monthly or annually ( which is sometimes cheaper ) & usually by direct debit

Buying Life Insurance ~ Protection Priority Example Tables

Case Examples	Priority 1	Priority 2	Priority 3	Priority 4	Priority 5
Single - no dependents	Protecting your income - if you cannot work	Providing a lump sum if you are critically ill - long term	Providing quality medical care if you are ill	Life protection for funeral costs	Life protection for any debts, to clear the estate
Single - with dependents	Life protection of debt for benefit of dependents in case of death	Protecting your income  if you cannot work	Providing a lump sum if you are critically ill - long term	Providing income for your family in case of your death	Providing quality medical care if you are ill
Married/common law partnership - no dependents	Life protection against any joint debt or loan	Protecting your income - if you cannot work	Providing a lump sum if you are critically ill - long term	Providing life protection, or for a term cover need	Providing quality medical care if you are ill
Married/common law partnership - with dependents	Life protection of debt for benefit of dependents in case of death	Protecting your income  if you cannot work	Providing a lump sum if you are critically ill - long term	Providing income for your family in case of your death	Providing quality medical care if you are ill

Many people searching the internet looking to buy life insurance that is just cheap, rather than getting  advice from a broker; Please see the above example Priority Protection tables to understand some typical priorities one should consider if you want to buy life insurance online but perhaps need some advice - naturally dependant on your individual circumstances. If buying Life Assurance, ensure the adviser/broker assesses what your family would need, and compares Life Insurance Providers for the life insurance cover that suits you best.

FOR PROTECTION PRODUCTS WE USUALLY OFFER FROM A LIMITED PANEL OF PROVIDERS For products with an investment element we will introduce you to an authorised adviser

Always answer questions as best you can and disclose any existing medical conditions when asked. If you don't give the full facts, you could invalidate your policy & the insurance company won't pay out.

Note if you don't have a partner, spouse or children, dependants or indeed any committments then your needs maybe totally different & you may not need to buy life insurance at all.

Buying Term Life Insurance ~ Lump Sum or Income Cover ? 

Term assurance pays out only if you die within a certain term. Whole of life assurance [ eg; if you are looking for over 50 ' s life insurance cover ] pays out whenever you die and may also contain an investment element to them, but such investment-type policies cost a lot more than protection-only insurance. [ We currently give life insurance advice on plans with no investment element & as the FSA rules changed in summer 2007 this also includes guaranteed whole life insurance. We do not give advice on for example whole life insurance with an investment element but can refer you to a fellow IFA from Sesame ] ie; if you were looking for over 50 s life cover, you may wish to consider this option.

Buying Life Insurance - Lump Sum     

This is the simplest and cheapest type of life assurance, and is known as term assurance because you choose how what term ie; how long you're covered for, say, 10, 15, or 20 years (the term).

Term life assurance only pays out if the life assured dies within the term you've agreed. If you live longer than the term, you get nothing. As a couple, you can also buy joint life insurance, with the policy paying out if either of you die during the term.

Also consider how large the tem life cover you need if this is not covering say just a debt like a mortgage or loan. Common practise was 10 x salary but if interest rates are low this may not be enough nowadays.

Buying Life Insurance - Family Income Benefit

This policy pays out income rather than a lump sum & maybe suitable for those who require income on death. This plan may be increasing to help offset inflation. 

Buying Life Insurance Online - Check the Small Print

When buying Life Insurance, check for any exclusions - in other words, when the policy won't pay out. For example, many plans do not cover death due to alcoholism or drug abuse. You might not be covered while taking part in risky sports. If your health is poor when the policy starts, some causes of death might be excluded or you might be refused cover altogether. As mentioned, always disclose any existing or pre-existing medical conditions when asked. If you don't give the full facts, you could invalidate your policy and the insurance company won't pay out.

Premiums shown are usually fixed for the whole term life insurance. There are also contracts where premiums are reviewable, after a certain period, usually 5 years.
How flexible is the contract? Can you reduce or increase cover easily as your circumstances change? Are there extra charges for doing this? Does cover stop immediately if you miss a payment or is there a period of grace?

By paying extra, you can usually include a waiver of premium. It pays the premiums if you can't work because of a long-term illness so that your cover is not interrupted.
If you want to change life cover provider, check the level of premiums for the new contract before switching (premiums may have gone up because of older age or because you have developed medical conditions). Also check the new level of cover compared to the previous one. Different benefits may be available, and different exclusions may be applied - for example you may not be covered for medical conditions that have developed before the switch even if these were covered under the previous contract. If you do decide to change, make sure you do not cancel your original cover until you are fully covered by the new contract.

The policy can be set up under trust. This means that in the event of death, proceeds of the deceased life assured policy are paid directly to dependants of your choice. Provided a trust is set up properly, there may be benefits to doing this. Most Insurers provide standard trust forms. However, using a trust may not be suitable for everyone and because of the complexities we recommend you may wish to seek legal advice. 

How much does it cost to buy a Life Insurance Policy ?

This depends on several factors, such as the amount of cover you want and the length of the term. Naturally, it's also based on the likelihood of your insurer having to pay out: if you're a smoker and do a dangerous job, you'll pay more than a non-smoking office worker.

Term life cover also costs more for men because, on average, they don't live as long. Always compare what's covered by a policy, not just the price. Some might be cheaper than others, but they may not offer the same level of protection. 

Keep your Life Insurance Plan legal documents safe !

Naturally when you buy life insurance - the end result maybe that the life cover plan you take out does payout - but maybe sooner than intended ! As such, do not forget this is a legal document & needs to be kept safe. Documents can be stored at home in a safe file or say at a bank in their safe custody.

Documents needed for a Life Insurance Claim                          

If the life assurance policy holder dies becomes critically ill or is off long term sick etc; during the term of the life insurance policy - the life assured or beneficiaries or power of attorney will need to contact the life insurance company for a claim form. If the person died, the claim form will need to be signed by the life insurance beneficiary or the policy holder's representative and also be accompanied with an official copy of the death certificate. They may also require the original plan documents, trust forms etc;

The death certificate will state the date, location and the cause of the death and has to be signed by a doctor. It usually will also have with it a certificate from the coroner confirming the findings. Life insurance policies may have clauses that were agreed to at the time of taking out the policy that will stipulate any types of death that are not covered eg; suicide, aids or natural causes not just accidental death. 

What happens if you cannot find the original life insurance policy document ? Well the person will usually have paid for their lifecover from their bank account on a monthly or annual basis, so check this up. Some accidental death plans form part of a bank or credit card contracts. If not, then if this person then dies without a will or has not kept clear records, finding out whether they held life assurance can be difficult. Some of those people who move home also forget to inform their life insurer of their new address.

Often, these lost life insurance policies were taken out pre-2000, and as the Uk Insurance marketplace has changed - there is always a possibility that the firm used has been bought out and merged into a larger insurer. See our guide list to uk insurers or try the Unclaimed Assets Register www.uar.co.uk* which could be helpful. ( * Note: You are now leaving the regulated site of Uk Life Insurance Quotes. Neither ourselves, nor Sesame Ltd, is responsible for the accuracy of the information contained within the linked site.) 

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