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Article on: ONE FAMILY LIFE Insurance ~ Broker Help
ONE FAMILY LIFE INSURANCE - Frequently Asked Broker QuestionsCan you make changes to your One Family life insurance policy ?In terms of changing your One Family or Engage Mutual life insurance policy, often you can request some of the following:
The changes could be subject to underwriting based on your circumstances at the time & may well affect your premiums. What if my health or lifestyle changes after I have taken the One Family Over 50's Life Insurance policy out ?Life Insurance cover is based on full disclosure at the time you took the policy out ie; being 100% as honest & accurate as possible. Alternatively, any health or lifestyle changes since usually does not void your existing policy as it is a no medical plan, so it wasn't relevant at that time of initial application. Please check your original T&C's How do I make a Death Claim ?Check firstly if premiums are still being paid or alternatively is the policy perhaps "paid up" meaning no further premiums were needed after age 90. Then contact the Insurers claims line to inform them. They will provide you with their claim form for completion. You will need to send in a number of documents, most importantly being the death certificate proving the cause of death. Insurers ( as well as other Providers ) will need the original death certificate, so ideally ask for several certified copies. Enclose your policy document, if you can find it and then send by recorded delivery or registered post to Insurers. Once received, the Insurers usually cross check all information before processing and settling a valid claim ie; was the medical & lifestyle information correct at the time of original application If everything is hopefully in order, the Insurer may pay out a claim & usually in a matter of days or weeks. Should I put my One Family Life Insurance policy into Trust ?If the life insurance wasn’t written into trust, it will be paid to the executors of the deceased’s estate. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland. If not, the benefits will fall into your estate if you died prematurely. If you have not made a will this can then cause further complications with the life insurance monies. Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues So placing a policy in trust can help to ensure that the policy proceeds go to the correct beneficiaries you decide to nominate at that stage & help avoid possible probate delays & IHT costs. Ask the Insurers if they provide any standard trust form wordings & seek legal advice if unsure. If I started smoking after taking out my One Family Over 50's Life Insurance - Do I need to now tell them ?If you had legitimately stopped smoking for over 12 months at that time of original application, you may wish to advise the Insurers you have started smoking again - but this should not affect the original policy terms which should still stand - you were being honest. Also maybe suggest letting your GP know if this is the case. However if for example, you advised them you are a none smoker to get cheaper premiums but you are actually a smoker. So in this instance this may void your existing policy. Article on: Onefamily ~ for more information visit www.onefamily.com* ( * 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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