Life Insurance

Life insurance is a necessity for one and all but two third of Britons are surviving without a life insurance policy. Most of them are having health concerns but they are still not choosing to invest in a whole of life insurance policy. According to a report by Lifesearch, UK’s leading life insurance provider, 57% of the adult population is without life insurance while 11% are not even aware about it. The surprising fact is that having a life insurance policy helps one to pay mortgage and records suggested that 63% of Britons have owner occupied homes in 2015-16. We find a very small percentage investing in life insurance even when 29% of people agree that poor health is their biggest cause of worry. 24% of the survey takers admitted to worrying about the health and death of their family members. If figures are to be believed then 27% of […]

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Insurance giant Royal London has published a study that suggests that the reason for the lower number of people buying Protection Insurance is due to their perception and lack of awareness about the plethora of benefits that the cover offers. They conducted a study on 2,000 people and brought forth many facts that suggest that while 25% of UK adults have a life insurance policy, only a fraction of the people (6%) have critical illness cover. Moreover, income protection insurance is the least chosen cover with only 4% of the crowd going for it. The main reason behind the low number of policyholders is the ‘price’ as many UK citizens feel that the insurance cover is quite expensive. 29% of participants said that they do not have life insurance cover, 32% kept themselves away from buying critical illness cover and 31% did not choose income protection policy as they found […]

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Whilst life insurance provides financial security for your loved ones, it’s not always very easy to work out the amount of cover you will require. At the very least, you should ensure that debts such as mortgages and loans are covered. But the financial obligation is often not limited to outstanding debts as you should also account for additional costs such as child care, higher education, council tax bills, utility bills and other day-to- day costs too. But having a high amount of cover also means higher premiums, which is why you should look at the affordability and adjust accordingly. Mortgage Protection cover In most people lives, the biggest purchase is their home and the biggest debt is the mortgage. So if the mortgage is reliant on your earnings then it is important to think about how your family would be able to pay the repayments it if you pass […]

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According to NHS calculations, approximately 100,000 people die in the UK due to smoking related illnesses each year. Smoking related illnesses Its common knowledge that smoking leads to lung cancer, but this is not the only type of cancer which people get from smoking, possible cancers include mouth, liver and stomach. To add, smoking often leads to other serious conditions such as emphysema, bronchitis and other heart related conditions such as coronary heart disease. An expensive habit Smoking is a very expensive habit as cigarettes are priced dearly and it increases, often doubles,the life insurance premium for the individual seeking cover. Given that smoking clearly affects one’s life expectancy, the chances of the policy being triggered are high and so are the premiums. If possible, it is advisable to get assistance and to stop smoking. As a general rule, you can only declare yourself as a non smoker if you […]

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What is covered in life insurance? Life insurance typically pay-out once the policy holder has passed away. The lump sum received can then be used by the family/beneficiaries of the policy to avoid financial hardship i.e. by using the funds to pay off the mortgage, loans, child care costs or even funeral costs. Do I need life insurance? If you are a single person with no dependants, then you probably don’t need life insurance but if you have a partner or other dependants who rely on you financially then life insurance can provide the peace of mind you seek. Can my employer provide life insurance? In some instance, the employer provides a death-in-service benefit which is typically x4 your basic salary. So if you pass away whilst still being employed then a pay-out will occur but in many cases x4 your basic salary is not sufficient for outstanding costs such […]

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Many people believe that if you have death-in-service cover then you don’t need life insurance. This is a common fallacy as death-in-service doesn’t actually offer the same amount of financial protection as a life insurance policy. What is death-in-service? Death in service is usually provided by your employer and the cover is typically x4 the basic salary. In case of death during employment, the employee would receive a lump sum amount. However, it is important to note that if you leave the current employer then the cover will cease to exist. To add, the cover is typically limited to x4 your salary, so if you wish to increase your cover you will need to get life insurance. How does life insurance work? Life insurance covers your family financially by paying a lump sum amount which can be used at their discretion. The different factors which can be altered are listed […]

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Life insurance is a topic most people don’t like to think about, but it is important to consider how your family/dependants will financially cope if the unfortunate should occur. Ultimately the aim for obtaining life insurance is to get financial security and peace of mind that your family and loved ones will be looked after once you pass away. But there are many options and it is important to understand these options so that you select the right cover for you. Term and whole of insurance Term insurance is typically the cheapest type of insurance as it pays out if you pass away during the duration of the policy. In contrast, whole of life insurance is usually the most expensive as the pay-out is certain and hence there is no policy end date. Premiums The premiums of a life insurance policy are usually fixed throughout the period of the policy […]

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