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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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Life Insurance and Diabetes Clearly having diabetes is adverse to your life expectancy and hence the premium will be increased. But if you can demonstrate that your diabetes is under control and if you have compared all the different insurance providers then your premiums shouldn’t be outside the levels of affordability. Diabetes and its impact When you have higher than average blood sugar levels, your doctor will deem if you have type 1 or type 2 diabetes. Type 1- This is often diagnosed whilst being a child and it isn’t correlated to the body weight. Insulin injections or an insulin pump is required to control type 1 diabetes. Type 2- This is often diagnosed after the age of 30 and it is often correlated to heavy body weight and high cholesterol level and/or blood pressure. This condition is typically controlled via diabetes tablets, but if controlled with a strict diet, […]

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