BUYING A CAR - COMPARE LIFE INSURANCE QUOTES
If you are just in the process of buying a new car or already bought the car, then congratulations. This is one of life stressful events due to the time & effort it often takes to find your ideal car. As such, you may be also thinking about getting a suitable Insurance policy to help protect these payments.
Do I need Life Insurance when I buy a Car ?
This is one of the most expensive purchases we make in our lifetimes & so for many they can only afford fund it via a bank / building society loan or similar. Who would make the payments if you were no longer around but your family still needed use of the vehicle ?
Will my Car Insurance policy also include Life Insurance ?
The majority of car insurance policies focus on insuring the vehicle and not the person behind the wheel. They may include basic Personal Accident or Death cover upto to say £5000 which could help toward funeral costs. Some may include a limited amount toward medical costs or emergency treatment.
How much Life Insurance do you need - when buying a Car ?
There is no set formula, as each family situation is different ie; you maybe single or married, with a partner and have dependants. But maybe consider 3 things: Firstly Repay the Car Loan or other debts such as a Mortgage if you have one. If you have dependants - Income to help cover all ongoing monthly bills & expenses. Lump sum backup for say future educational needs or holidays
Can I buy a Life Insurance Policy with my parter - if not married ?
Yes but UK Insurance rules state there must be an insurable interest between partners to arrange a life insurance policy. You can always arrange a single policy. Also both parties must consent to this arrangement. You don't have to be married to get a life insurance on someone.
Can I get a Life Insurance on my Wife/Girlfriend without her knowing ?
No - both parties must consent to this arrangement to life insurance ie; you cannot just apply on their behalf without their knowledge.
Can I put my Wife/Girlfriend on my Life Insurance Policy ?
As above - UK Insurance rules state there must be an insurable interest between yourself and/or girlfriend to add her to your life insurance policy ie; if you have a baby together that is Ok.
Can my Wife/Girlfriend be my Life Insurance Beneficiary ?
Yes they can - if you wish to. Either you or your partner can own seperate or joint life insurance plans directly; [ see comments above re Insurable interest ]. Note however if you split up though this can cause issues with the insurer having to undue this arrangement & may require additional legal costs by you seeking specialist advice. The alternative is to put the policy into trust for them as the beneficiary.
Let trying to get life insurance when buying a car hopefully not be another great challenge. Either way please approach us for friendly Professional Help
LIFE INSURANCE FOR CAR BUYERS - PRODUCTS REVIEW
CAR LOAN - LIFE INSURANCE PROTECTION - for Car Buyers
Designed to cover a repayment car loan on death or critical illness as it decreases during the plan term.
LIFE INSURANCE - for Car Buyers
Offering a family protection lump sum if the policy holder dies or is diagnosed with a terminal illness during the term of the car loan.
FAMILY INCOME BENEFIT INSURANCE - for Car Buyers
CRITICAL ILLNESS COVER - for Car Buyers
Helps ease financial worries if you are diagnosed with a critical illness as specified by the Insurance Company. Dependant on your disability, you may still be able to get cover.
CHILDREN'S CRITICAL ILLNESS COVER
Helps ease financial worries if your child is diagnosed with a critical illness as specified by the Insurance Company.
INCOME PROTECTION - for Car Buyers
Providing security by way of an income if you are off sick or have an accident to help pay the car loan payments plus other bills and expenses.
Car Buyers & Life Insurance Quotes