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Life Assurance Advice - Life Cover Typical Key Features
Many people searching the internet are not just looking for cheap life insurance quotes but also getting quality Life Insurance advice; Life Assurance advice to help provide some financial security for people who depend on you as a breadwinner or partner if for example you died, were critically ill or had long term sickness issues. Please see the above Life Insurance examples Priority Protection tables to understand some typical priorities one should consider dependant on your individual circumstances.
So to make sure you buy the right amount of cover, with the right terms and conditions, you should consider getting some lifeassurance 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.
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 and 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 life insurance advice.
Life Insurance Advice - 2 types of Term 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 may cost more than protection-only insurance.
Term Life Assurance - 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 assureance 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 take out term life cover in both your names, 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 is 10 x salary.
Term Life Assurance - Family Income Benefit
This policy pays out income rather than a lump sum & maybe suitable for those who mainly require income on death or critical illness. This plan may be increasing to help offset inflation. Family Income Benefit plans are also popular for people getting divorced and wishing to protect their monthly divorce maintenance payments
Life Assurance Advice - Check the Small Print
When looking for Life Insurance Advise , check for any exclusions - in other words, when the policy won't pay out. For example, many plans do not cover death due to suicide during an initial term, 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.
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 does my Life Insurance 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. 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.
Life Insurance Advice - Keep your legal documents safe !
Naturally when getting life insurance advice - 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 the 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, war or natural causes not just accidental death.
What happens if you cannot find the original life ins urance 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.)