Frequently asked questions
There is no correct answer to this, as it depends on your circumstances. Many people take out their first policy when they become a parent or perhaps when they take out a mortgage.
Several factors will have an effect on how much you pay. They include your age, your health, your family’s medical history, whether you smoke and how much you want the lump sum benefit to be.
A cash pay-out in the event of your death will give your loved ones financial help with things like mortgage and loan repayments, household bills, school fees, day to day expenses and funeral costs. A policy will provide peace of mind, because you know those who matter will not have to struggle financially in the aftermath of your passing.
No-one expects to fall ill suddenly, but when it happens the effects can be devastating. Critical illness cover is a good idea for anyone who doesn’t have enough savings to cover outgoings or who won’t get enough in the way of employee or state benefits to help them cope.
If you’re in a long-term relationship a joint life policy is an excellent idea. It provides a level of cover for both of you so if either of you dies the other will get financial help at a crucial time. It’s often cheaper than having two separate life insurance policies as well.
With a life insurance policy you will be covered after your death, irrespective of whether that death occurred naturally or as a result of an accident. If you’re looking for protection in the event of you being injured in an accident, it will usually require a separate policy.
Yes, you can cancel a life insurance policy at any time, although this is a decision that needs careful consideration. You will no longer have to pay a monthly premium, of course, but you will no longer have protection for you and your family either. Please note that you will almost invariably lose everything that you have paid in so far.
People take out life insurance for a number of reasons, the main one being to provide protection to those left behind when they die. Knowing that those who matter most are taken care of can bring the peace of mind we all crave.
You can obtain quotes over the phone in person or on the web. It’s easy to do, and you can expect to receive a number of quotes from providers of all shapes and sizes. Insured Right can do the leg-work for you, leaving you with a list of options that are tailored to your needs.
Life insurance is in operation from the moment the policy is taken out. For a small sum, usually paid every month, your life will be covered by a fixed, lump sum pay-out designed to help those you leave behind.
The money you pay goes towards the pay-out at some point in the future. The provider will have calculated how much you need to pay and how much they need to pay out, and will have taken into account factors such as your age and your health.
Some providers will ask for your medical history. They won’t be able to view it without your permission, but if they ask and you say yes they may request a medical examination. In many cases, however, providers don’t ask for such information at all.
You can change the policy although it might have an effect on the cover and even the premiums. Asking your provider to change some of the details of the policy is a simple process, although some policies can’t be altered. As always, just ask the provider for more information.
In most cases, you won’t get your money back if you outlive your life insurance policy. If you took out a ROP (Return of Premiums) policy, however, you will get your money back.
Some providers won’t accept your application if you have an ongoing medical condition. The team at Insured Right can help you to sift through the options that will be open to you.
There are several options available, including decreasing term life insurance, level term life insurance and policies for single parents. Our team can find the right one for you.
This is a form of insurance that covers a fixed time period. Premiums are usually at a set rate that’s charged throughout the life of the policy.
In the majority of cases, yes. Premiums tend to stay the same throughout the agreed term, although some policies can change. It’s best to check with the insurer if you have any doubts.
This will depend on how much you can afford in premiums and how much you want to be covered for. Our team can talk you through these factors and come up with policies that suit.
Yes, you can insure a partner. Even if you’re the beneficiary it’s still possible to do so. There are a number of excellent policies for couples and individuals on the market.
Yes. A policy that includes a family income benefit can pay out regularly like a salary rather than via a single lump sum payment.
In most cases, the pay-out will go to your family, usually your partner or your children. It’s possible, however, to name another beneficiary instead, such as a business partner.
If you have critical illness cover for yourself, the pay-out will usually go to you. It can be used to help with issues such as adapting your home, medicines, medical care and just about anything else.
In most cases, a life insurance pay-out isn’t taxed, either as capital gains or a taxable income. There can be exceptions, however, so always ask the provider.
No. Pay-outs from critical illness cover are not taxable.
Most of our competitors will look to provide you with the cover that brings them the most commission, but we don’t do that. We have a thorough, in-depth knowledge of the market, and our mission is to match you with the policy that provides the right amount of cover for the best possible price for your budget. We know how complex this matter can be, but we make the whole process so much simpler for you.
Call 01382 200 474 to find out more.