Life Insurance & Critical Illness
||UK POLISH - LIFE INSURANCE QUOTE
Polski - Polszczyzna - Jezyk ? Compare Uk Life Insurance Quotes
Many Polish people who have moved to the Uk from Poland since 2000, are perhaps searching the Internet for help on Finance & Life Insurance; Poles who have now set up home in the UK & intend to stay here.
In order to qualify for Life Insurance most Uk Life Insurers would need the following:-
- Lived in the Uk for at least 3 months ie; Uk domicile
- Intend to continue to now live in the Uk long term
- Have a Uk Bank or Building Society account that accepts Direct Debits
- National Insurance Number
- Can provide means of identification if requested eg; Uk driving license, Inland Revenue P60, recent Household Bill, Bank or Building Society statement or Passport,
There are many Polonia not just looking for cheap life insurance quotes but also getting quality Life Insurance advice; Life Insurance advice to help provide some financial security for people who depend on you as a breadwinner or partner if for
example you were critically ill or had long term sickness issues or died.
So if your Polish & now looking to make sure you buy the right amount of cover, with the right terms and conditions, you should consider getting some life assurance advice not just getting the cheapest quote for a random amount. The correct Life Insurance Advice means the adviser assesses what your family would need, and compares Life Insurance Providers for the life assurance cover that suits you best.
Some Polski whose English may not be so good yet, may struggle when it comes to lengthy application forms. However, seek assitance if necessary & always answer questions as best you can and disclose any pre-existing medical conditions when asked that you may have now or had in Poland before you came to the Uk. If you don't give the full facts, you could invalidate your policy and the Uk Insurance company won't pay out.
2 main types of Uk Term Life Assurance ~ Lump Sum or Income
Term assurance pays out a lump sum only if you die within a certain term. Whole of life assurance pays out whenever you die and some plans have guaranteed premiums and others may also contain an investment element to them. Term Life Assurance - Lump Sum is the simplest and cheapest type of life assurance and popular with young Polish families. It 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 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 term cover in both your names, with the policy paying out if either of you die during the term. Family Income Benefit policy is another type of term assurance that pays out an income rather than a lump sum & maybe suitable for those who require income on death. This plan may be increasing to help offset inflation.
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 in the Uk is to work on a multiple of say 10 x your salary.
Things to look out for if your are Polish & requesting this type of Life Insurance Advice ...What type of new life cover policy do you want? For example
- Increasing policy (where cover and premium rise over the years)
- Decreasing policy (where cover and premium fall 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)
Uk Life Assurance Advice - Check the Small Print
Main advice for those Uk Poles now looking for Uk Life Insurance is too check for the smallprint or any exclusions - in other words, when the policy won't pay out. For example, many plans do not cover death due to alcohol 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.
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.
What happens if I have Polish Life Insurance already ?
You may have some Polish life insurance cover you took out whilst you were in Poland. If so and you want to still consider changing to a Uk life cover provider now that you intend to live here, then note the following standard issues.
* Tax rules will be different between the 2 countries & will naturally be harder for you to decide correctly on or indeed get correct advice on.
* If you have developed medical conditions since, any new Uk Lifecover may be harder to get.
* Check the new level of Uk protection cover compared to your Polish Insurance as 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 still have Polish liabilities or assets that need protecting eg; Mortgages or Loan Finance then it would not make sense to cancel or switch these
* You may need to consider making 2 wills both for the Uk & Poland.
If you still do decide to change, make sure you do not cancel your original cover until you are fully covered by the new contract.
The Uk policy can be set up under trust. This means that in the event of death, proceeds of the 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 proivde 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 life assurance advice.
What does my Uk Life Assurance Cost ?
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.
In conclusion, for Polish customers who are unsure what to do when taking out UK Life cover, we suggest you seek Professional advice from a UK FSA Regulated Adviser. For help please click on the link below
FOR PROTECTION PRODUCTS WE USUALLY OFFER FROM A LIMITED PANEL OF PROVIDERS