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I am considering buying some what do I need to know ?
In the past was something that you sorted through your broker when he or she came to visit at home and they sat and discussed it with you for a couple of hours and answered any questions you had. As with everything else and as socitey has changed so has how we now buy our life insurance. With the advent of the Internet and with technology transforming the insurance industry the days of the visting broker are numbered. Car insurance led the way with instant online quotes and applications on the Internet, however this is not as hard to understand as as apart from what make is it and whats it say on the numberplate what else do you need to know ?
With there are a number of key factors you need to understand before you make the purchase.
Level or Decreasing ?
Where level is selected the amount of cover will stay the same throughout the length of the insurance. Your payments will stay the same except if you change cover. This is also known as term or family protection and is ideal to cover interest only mortgages or leave income for a family should you be no longer with us.
Where decreasing is selected the amount of cover will reduce each year on the anniversary of the start date of your life insurance. The amount of insurance is calculated to match the maximum outstanding on a loan in the next 12 months. This is the basis for the decreasing regardless of the purpose of cover for example if not taken out to cover a loan or mortgage. The payments will remain the same throughout the length of the cover.
Decreasing is often cheaper than level as the sum assured is coming down over the term of the policy.
Can the payments change ?
This is purely dependant on the type of basis you choose, this can either be guaranteed or reviewable ?
Guranteed - If you choose to guarantee your payments they will not change during the term of the cover unless you make any changes.
Reviewable - If you choose to make your payments reviewable they may change during the length of the cover, these are offered to make the payment more affordable at the start of the contract, more often than not the review occurs after 5 years and then every 5 years during the term of the contract. The review of the could recommend the policy premium is reduced - very unlikely, stay the same - likely, go up in premium - likely. The review is not based on your medical history or because you are older but normally on industry claims experiance.
It says i have terminal illness included with my whats this ?
Terminal illness is normally included as standard to any good life inusrance contract, this pays the guaranteed sum immediately rather than upon death if you are diagnosed as being termninally ill with a life expectancy of less than 12 months. This does not apply during the last 18 months of the period of cover. Please dont confuse this with critical illness cover as this is far more expensive option and wont be included standard.
Should I place my policy in trust ?
In a word yes, this will enable in the event of a claim the sum assured of the policy to go directly to the person or people you decide. This also avoids the possibility of your estate having to pay inheriatance tax on the proceeds of the policy. This is normally offered as part of the service with any reputable broker.
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