Life Assurance & Critical Illness Cover - If your family has a medical history
If you or immediate members of your family have had some hereditary health issues - our brokers can research the market to help offer competitive deals.
Life insurance companies "for those with a family history of health issues" looking to offer cover must decide whether or not you are an insurable risk. If you or any members of your family have had a genetic disorder or there is a family history of a particular disease or medical condition, they will want to check on your general state of health before deciding what premiums to charge for the life insurance cover you require.
"My brother & father both had testicular cancer - and I know I need to disclose this relevant information to the Insurer, otherwise I understand the policy may not payout "
In many cases the Insurance Provider maybe able to offer terms - sometimes with GP reports & having a medical exam as necessary. Just because they request this does not always mean they are going to charge you higher premiums but you may have exclusions applied.
When it comes to life insurance with a family health history, it makes sense to fully disclose your medical history.
Types of Life Insurance - for those with Family History
Life Insurance Policy Cover - Term
This is the simplest cheap type of death insurance cover quote, and is known as term assurance cover plan because you choose how what term ie; how long you're covered for, say, 10, 20 or 30 years (the term).
Death Insurance policy term cover only pays out if you die within the term you've agreed. If you live longer than the term, you get nothing. As a couple, you can also take out Family Life Cover plan in both your names, with the policy paying out if either of you die during the term.
Also consider how large the new death insurance cover when doing quotes - you need this if not covering say just a debt like a mortgage or loan. Common life insurance cover industry practise is say minimum 10 x salary for death insurance.
Things to look out for if requesting this cheap type of death insurance Life Cover Quote Online ...What type of new life cover policy do you want? For example
Increasing policy (where cover and premium rise over the years)
Renewable policies (which let you extend the original term).
Guaranteed (where life insurance premiums stay the same throughout the term)
Reviewable premiums (where life cover premiums may go up every year or 5 years gone up at a review)
Waiver of Premium (where the Insurer waives/protects & covers your premiums after a deferred period of 4/8/13/26 weeks due to sickness or accident)
Note their is usually no cash in or surrender values for death insurance
Insurance for Death Policy Cover - Income Benefit Plan
This type of death insurance Cover policy pays out income to your Family rather than a lump sum & maybe suitable for those who require income insurance for their family on death. This Family Life Insurance Cover or Family Income Benefit plan may be increasing to help offset inflation.
Whole of Life Cover Insurance
Whole Life death insurance policies are designed to always pays out upon your death so logically are more expensive than term insurance as the risk is greater to the life insurance companies. Whole of Life death insurance is more expensive because it is certain that the life company will eventually have to pay the life sum insured.
Benefits are currently paid out tax free on death
- Designed to pay out on death - whenever it occurs
- Whole Life Assurance Cover may be level or inflation linked
- Medical evidence may be required and a medical examination for those with health issues
- Premiums may be guaranteed or if investment based reviewable
- Maybe payable on death or earlier Terminal Illness
- Benefits can be set up to be payable into Trust
- Can be set up on sole or joint life basis