Life Insurance Cover https://life-insurance-cover.co.uk quote, compare, get covered Fri, 25 Sep 2020 12:28:41 +0000 en-GB hourly 1 https://wordpress.org/?v=5.5.1 https://life-insurance-cover.co.uk/wp-content/uploads/2020/04/cropped-favicon-1-32x32.png Life Insurance Cover https://life-insurance-cover.co.uk 32 32 Life Insurance For Young Adults https://life-insurance-cover.co.uk/life-insurance-for-young-adults/ Thu, 24 Sep 2020 18:15:08 +0000 https://life-insurance-cover.co.uk/?p=1964 Getting Life Insurance protection in place is a subject many young adults don’t think about. But deciding on if you need Life Insurance protection is less about your age and more about your individual situation. A Life insurance policy is not just for people in their 40’s, 50’s or older generations, it is a necessity […]

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Getting Life Insurance protection in place is a subject many young adults don’t think about. But deciding on if you need Life Insurance protection is less about your age and more about your individual situation. A Life insurance policy is not just for people in their 40’s, 50’s or older generations, it is a necessity for anyone who have others who need them. It could be a financial obligation including a mortgage or rent or young children who are reliant on you.

When choosing to obtain Life Insurance For Young Adults, means that you have taken a very important first step in considering your priorities and are proactively creating a financial safety net for your family and loved ones.

In This Guide:

Should I Get Life Insurance If I’m In My 20’s?

How To Get Life Insurance For Under 30’s?

Will Things Be Any Different If I’m In My 30’s?

How To Get Life Insurance If You’re Over 30

Should I Switch Policy If I’m No Longer A Young Adult?

Compare Life Insurance Quotes Today

Should I Get Life Insurance If I’m In My 20’s?

Many young adults in their 20’s have probably not considered the importance of buying Life Insurance For Young Adults. Mainly because they could be focused on completing their education or starting their career journey. However, there are some very important advantages for young adults taking out a Life Insurance policy. As a young adult, you are likely to benefit from a very low monthly premium, even when looking to obtain a significant level of cover.

The reason for the low monthly premium cost is due to how Life Insurance policies are calculated. Because you’re current age and health in your 20’s is likely to be a very low risk for a Life Insurance provider. They will allow you to get a much better monthly premium cost, rather than if you were to wait until you’re older and the chances of health problems increase.

By obtaining a Life Insurance policy whilst in your 20’s will offer long-term peace of mind that you have created a financial safety net for your longer term future. Which may include buying your first home or starting a young family.

Each Life Insurance policy is created to match the unique individual needs of the policyholder. At Life Insurance Cover we search all of the UK’s protection companies to find the best level of protection for our customers. As a whole of market Life Insurance Broker we will find the best level of protection for you and help to save you money. Simply get a free quote today and there is no obligation to take out a policy.

How To Get Life Insurance For Under 30’s

There are many different situations in which young adults under 30 can benefit from being able to provide substantial financial protection to their families and loved ones. Once you have done your calculations and worked out how much cover you would like to have. You will need to then decide on how long you need your Life Insurance for Young Adults protection to run for.

Ideally you should choose a longer term policy, to provide protection for many decades to come. At Life Insurance Cover we can compare the UK’s top insurers to get the cheapest quote for those aged 30 years old or under. A Life insurance policy for a 20-30 year old could start from as little as £5 a month. Although this vary due to each person’s circumstances. The monthly premium cost may vary due to factors such as your overall health and the amount of protection you need.

It is extremely important to ensure that you choose the best protection for your individual circumstances because there are many different types of protection available. This is one of the many benefits of using a broker who searches all of the Life Protection companies for you. At Life Insurance Cover, our team of highly experienced advisors will do the hard work for you. Helping you to find the perfect Life Insurance protection for you.

Will Things Be Any Different If I’m In My 30’s?

As you get older and move into your 30’s, many things will have changed including becoming more established in your career or starting a family. You may also have people who may depend on you financially. A person in their 30’s is usually the most common age group for obtaining Life Insurance Protection. As you are now a little older you may have bought a home with your partner and have a mortgage together. If your new family home needs two incomes. It is always prudent to protect the long term safety of your future with a Joint Life Insurance Policy. If life does throw a spanner in works in the future. A Life Insurance policy can help your partner cope financially and ensure that your home is protected for the future.

By Getting a Life Insurance for Young Adults policy in place sooner rather than later will cost less and provide peace of mind for the future. The team at Life Insurance Cover can help you find the right level of cover whilst remaining cost effective.

life insurance for young adults

How To Get Life Insurance If You’re Over 30

By getting a Life Insurance policy whilst you are in your 30s gives you a huge advantage of being young enough to obtain low monthly premiums for the long term future. But a key point to remember is each person’s circumstances can vary quite dramatically. Which can impact the monthly cost and the level protection you are seeking.

What Is The Average Cost Of Life Insurance For A 30 year old?

The average monthly cost for a Life Insurance for Young Adults policy for a 30 year old can range from £7 – £20 a month. But this only an average price, your individual Life Insurance Quote might be cheaper or more expensive based on your needs and personal circumstances.

With the huge potential variation in monthly premium costs. It is important to do a complete search of all the Life Insurance Companies. A broker, like Life Insurance Cover can help you search and find the best protection available for you and your family. Whilst ensuring that the best level of Life Insurance remains within your financial budget.

Should I Change Policies If I’m No Longer A Young Adult?

Before deciding on moving any current Life Insurance policies, it is important to understand the potential risks. They could include a higher monthly cost, a previously included medical condition being excluded. If you have a Life Insurance for Young Adults policy it is likely that your monthly cost will be less than a new policy. Also if you have received an ongoing medical diagnosis during your current policy it will remain covered.

If your circumstances have changed by the time you reach the age of 40 or 50. It could make more financial sense to obtain an additional Life Insurance policy to reflect your current circumstances. Usually if you were to obtain the same level of protection at an older age, it will cost considerably more. This is because the risk of you passing away gets higher the older you get. This means insurers factor in the added risk that you might die during your policy term.

If you are aged in your 30s and 40s, the average cost of a Life Insurance policy could be in the £15-25 range per month. However, a Life Insurance provider will take rating factors into account other than just your age. This could impact the monthly cost of your premiums.

Rating Factors for calculating a monthly premium price include:

Age

Health

Smoker status

How long you need protection for

How much cover you need

Compare Life Insurance Quotes Today

Life insurance protection is especially important for young people who have a mortgage, children, or people who rely on them financially.

By getting Life Insurance protection as a young adult often comes with many benefits including a much cheaper monthly premium price. But once you have made the decision to take out Life cover. This premium will be fixed for the entire length of the policy. This makes it extremely important that you fully understand what your protection does and what it will not cover.

At Life Insurance Cover we can help you in the search for the right long term protection that Life Insurance provides. By comparing all of the market, we can find the best policy available for your individual circumstances. Simply complete a quote form today and protect your family for the future.

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Increasing Term Life Insurance https://life-insurance-cover.co.uk/increasing-term-life-insurance/ Wed, 23 Sep 2020 14:36:25 +0000 https://life-insurance-cover.co.uk/?p=1956 Generally speaking many people are aware of Level Term or Decreasing Term Life Insurance and the many benefits they offer. In today’s guide we take a look at the potential benefits of a different fixed term policy type. Although it is not as common as Level Term or Decreasing Term protection. Increasing Term Life Insurance […]

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Generally speaking many people are aware of Level Term or Decreasing Term Life Insurance and the many benefits they offer. In today’s guide we take a look at the potential benefits of a different fixed term policy type. Although it is not as common as Level Term or Decreasing Term protection. Increasing Term Life Insurance helps many people to provide term protection for their families.

In this Guide

What is Increasing Term Life Insurance?

What Are The Advantages of Increasing Term Life Insurance?

Disadvantages Of Increasing Term Life Insurance

Different Types Of Increasing Term Life Insurance

Cost Of Monthly Premiums

What is Increasing Term Life Insurance?

Increasing term insurance is a fixed term Life Insurance policy. That is usually used when individuals need a higher potential claim payment over the length of the policy. This type of Life Insurance protection offers an increasing death benefit throughout the policy term. This policy type benefits from a choice of being linked to either the Consumer Price Index (CPI) or follow the rate of inflation. By choosing an Increasing term policy it will increase the potential claim pay-out higher by a certain percentage each year. Some Life Insurance providers have percentage caps per year or over the length of the policy.

It is important to read the small print within the policy documents to ensure that you aware of any limitations. Although it is not as widely used as Level Term or Decreasing Term Life insurance. This is because it requires the policyholder to pay an increased monthly premium to match the annual percentage. However, an Increasing Term policy can be a very beneficial option if your circumstances require the extra level of protection.

What Are The Advantages of Increasing Term Life Insurance?

One of the key advantages of buying this policy type is that it allows policyholders to increase the level of Life Insurance for the future. By purchasing this policy type it will remove the impact of inflation on a potential claim payment. Unlike Level Term Life Insurance which will pay a fixed sum to your family when you pass away. Or Decreasing Term protection which reduces over time to track a repayment mortgage. Both are susceptible to diminishing returns. This is caused by the cost of living and the overall value of the British pound.

For example, if you purchased a £250,000 Level Term Life Insurance policy today to protect you. Hoping to provide for your family if you pass away. Fast forward 20-30-40 years and the legacy that you had hoped to create for your family has been eroded away because of inflation. A Decreasing Term protection will also diminish over time but that is what it is supposed to do.

By purchasing an Increasing Term Life Insurance Policy, it will enable you to increase the level of protection you need. This allows the future provision for your family and the financial protection they will need in the future.

To fully benefit from an Increasing Term protection policy. It is advisable to obtain a policy when you are young fit and healthy. The initial level of protection does not have to be at the same sum insured as Level or Decreasing Term. This is because the amount of protection you have in place will increase over the long term.

increasing term life protection

Changing Circumstances

As family circumstances change, which may include young children, buying a bigger home or moving up the career ladder. An Increasing Term protection policy could become the better solution for your families long term needs. By creating a growing legacy for your family it will allow a better standard of living. Pay for education or help with the day to day costs at home.

Another advantage of buying this policy type whilst you are still young is your ongoing health. As we all get older, we become more susceptible to long term medical conditions. Which if applying for Life Insurance protection will increase the monthly costs. With an Increasing Term Life Insurance policy. Any increase to your sum assured will be based on your health and medical status when buying the policy.

Disadvantages Of Increasing Term Life Insurance

A key disadvantage of an Increasing Term Life Insurance policy are the assumptions made at the time of purchase. As mentioned above, a Life Insurance provider will view the details provided to them. So this would mean if you have a job deemed as high risk. Or if you have a medical condition the monthly premium may become unsustainable.

Another disadvantage, is due to individual circumstances. Because many people choose to buy Life Insurance when they need it. Rather than planning for the long term future prior to becoming a higher risk. An example of this situation is the purchase of your first home, the arrival of a child. Or the diagnosis of a medical condition. These potential situations would cause an insurer to potentially charge a slightly higher monthly premium.

The largest disadvantage of this policy type is that it will only be effective for a fixed period of time. Unlike other Life Protection policy types like Whole of Life. Which will protect you until you pass away without time restrictions. Also because it is a fixed term policy, if you survive the term of the policy it will leave you and your family unprotected.

At Life Insurance Cover we compare all levels of Life Insurance available to you. We can help you narrow down the search for the Best Life Insurance for your individual circumstances.

Different Types Of Increasing Term Life Insurance

Within the UK Life Insurance market there are two different types for this type of policy:

Traditional Increasing Term Life Insurance: This policy type was created to increase the sum assured. At a specified rate agreed between a Life Insurer and the policyholder. The increase is usually made on the annual anniversary of the policy. However, some providers do offer anniversary increases at 5 year increments.

Index-linked Increasing Term Life Insurance: Although very similar to the traditional policy type. The main difference between the two is that this policy type is usually tied to consumer price index (CPI).

Cost Of Monthly Premiums

All Life Insurance companies use many different methods to work out a monthly premium for all the different types of policies available. All Life insurance premiums are calculated on the information provided. This means that some policies will be more expensive for higher risk policyholders. Because Life Insurance Cover is a whole of market broker. We are able to compare all of the providers for you. Allowing you to choose the right level of protection for you and your family. Including Increasing Term, Level Term and Decreasing Term protection.

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Trick Or Treating in 2020 https://life-insurance-cover.co.uk/trick-or-treating-in-2020/ Fri, 18 Sep 2020 15:06:14 +0000 https://life-insurance-cover.co.uk/?p=1947 Many parents and children over the last decade have increasingly enjoyed getting dressed up in a ghoulish costumes to visit homes in their communities. There has been much growth in the annual celebration of All Hallows Eve, which includes more intricate pumpkin carving, house projections and increases in the amounts of children enjoying themselves. No […]

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Many parents and children over the last decade have increasingly enjoyed getting dressed up in a ghoulish costumes to visit homes in their communities. There has been much growth in the annual celebration of All Hallows Eve, which includes more intricate pumpkin carving, house projections and increases in the amounts of children enjoying themselves. No one could have prepared for how bad 2020 could be.

At the point of writing this post, the UK currently has a restriction on groups of 6, which as many householders know is quite impossible if you have created a fantastic Halloween display for the children and their parents. Also there has been a marked increase in the “R” rate which means transmission risks are increased, also there is a wide discussion of a potential 2 week lock down for October.

The UK is yet to get to the main cold and flu season which usually arrives as the weather gets colder, which also coincides with the Halloween season.

Cancel Trick or Treating For 2020?

Not only does this topic seem to be a household and local community discussion, but the wider web has seen many discussions including on Mumsnet, with many people seeking clarity on what they should do when they ask:

Is Halloween Cancelled?

The overwhelming response from many parents and local communities will add further disappointment for children everywhere, the simple answer seems to be an overwhelming “yes”.

With the above restrictions on movement around communities and limits to the amount of people who can gather together may have brought an end to house-to-house visits for trick or treating this All Hallows’ Eve.

A key point for many parent’s concerns are to do with the physical act of trick or treating, which involves on knocking on a door and interacting with someone and then rummaging through a bowl of sweets. On the face of it pre 2020, there would be very little to worry about, but parents would not know if the householder or the child could be ill. Either with symptoms or asymptomatic which could transfer illness to another child. The householder could be a part of the vulnerable group, just returned from holiday and self-isolating. There are just way to many risks to the children, adults and the wider community.

trick or treat 2020b

How Do I Tell The Children That They Cannot Trick or Treat?

Many parents are not looking forward to breaking the news about the loss of potentially the biggest sweet stash of the year. It is also noted that many parents on Mumsnet have compared the loss of trick or treating with not being able to enjoy Easter.

Many people have not been able to have their birthdays or celebrate occasions as usual this year. At Life Insurance Cover we recommend having an earlier discussion with children to best manage their expectations. Or if left to the last minute it could be misinterpreted as a punishment.

Another point that has been raised is the need for community interactions, as social distancing is not allowing people to meet up in numbers. This statement does raise issues if the “new normal” is a prolonged process until a vaccine or better management of Covid19 is in place.

Retailers Will Suffer Due to No Trick Or Treating

If the general population does decide not to go trick or treating this year, it will be bad news for retailers. In 2019 Britons spent in excess of £400m on Halloween. But charities and healthcare professional’s working with older people and the vulnerable group are urging parents and children to think very carefully about continuing the tradition this year.

Caroline Abrahams, charity director at Age UK, raised her concerns to the East Anglian Daily Times that many older people have concerns about returning to any form of normality, “which includes answering the door to trick or treaters”. She added: “We hope everybody follows the government guidelines.

Halloween Events Are Cancelled

A number of Halloween festivals in Scotland, including in Paisley and Fife, have already been cancelled, with many more across the UK likely to follow as the restrictions tighten from the government. There is mounting concern that many Christmas markets will go the same way.

How Can Halloween Be Still be celebrated?

Although there is likely to be a few houses up and down the UK who will decide to carry on regardless in 2020. Many local villages and communities are already discussing other ways to celebrate Halloween, these vary from scarecrow hunts, pumpkin hunts and many other suggestions.

It has also been suggested to have a school day event similar to world book day, which would allow children to still enjoy Halloween. One thing we do know is events similar to trick or treating for 2020 will be different and we can hope to be able to return to normal celebrations in 2021.

Let us know your thoughts either in the comments section or on our Facebook/Twitter pages. Do you think Trick or Treating should go ahead or better to play it safe?

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Over 40’s Life Insurance https://life-insurance-cover.co.uk/over-40s-life-insurance/ Wed, 16 Sep 2020 13:07:46 +0000 https://life-insurance-cover.co.uk/?p=1940 Moving into a new age bracket from the hectic 20’s into your busy 30’s and then into the responsible 40’s can be a little bit daunting. It is more than likely that by the age of 40 that there will be some form of financial responsibility. You may have already started looking into Over 40’s […]

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Moving into a new age bracket from the hectic 20’s into your busy 30’s and then into the responsible 40’s can be a little bit daunting. It is more than likely that by the age of 40 that there will be some form of financial responsibility. You may have already started looking into Over 40’s Life Insurance. Which will protect your family financially for the future when you are no longer around.

When looking to get the best life insurance protection, it’s always important to compare multiple quotes to get the right level of protection at the best premium price. At Life Insurance Cover we do all the hard work for you, by searching all of the Life Insurance companies.

At Life Insurance Cover we compare all Life Insurance over 40 policies to find the best protection for you.

Simply start a free Life Insurance quote to find cover and protect your family today.

Guide For over 40’s Protection

How Much Will Life Insurance Cost In My 40’s?

Should I Get Life Insurance in my 40s?

Top Tips For Cheaper Life Insurance

Whats The Best life Insurance For Over 40’s?

Term Based Life Insurance Over 40’s

Whole Of Life Insurance Over 40’s

Is Life Insurance For Over 40’s Guaranteed?

No Medical Life Insurance Over 40’s

Over 40’s Life Insurance For Parents

Critical Illness Cover

Terminal Illness Protection

Being Financially Responsible In Your 40’s

Compare Over 40’s Life Insurance Quotes

How Much Will Life Insurance Cost In My 40’s?

At Life Insurance Cover, we can arrange protection for all age groups including the over 40’s, many policies can start from £5 a month. Buying a Life Insurance policy in your 40s has only a minimal difference to obtaining Life Cover in your 20’s or 30’s. All Life Insurance policies are calculated on the person’s individual circumstances.

The monthly premium cost is based on the level of protection you need and the risk you may pose to the insurer. They will also look at your overall health, lifestyle choices including smoking and if you have any medical problems. One of the reasons you may have to pay a slightly higher premium than a 20 year old, is due to your life experience. As detailed within many of the guides on the website. The younger and healthier you are and the cheaper your premium will be.

Should I Get Life Insurance in my 40s?

Deciding to either get Life Insurance in your 40s or maybe a little later on will depend on your individual needs and circumstances. One of the benefits of getting Over 40’s Life Insurance is that you are still quite likely to get cheap monthly premiums. The choices that are still available as an over 40’s person are still quite high. Which means term based protection costs are still quite low. Another cost effective protection that is also available is a Whole Of Life policy. It depends on what you are looking to protect and which type of cover best suits your circumstances.  

One of the items you may be looking to protect is an outstanding mortgage, provide your family with an inheritance for the future or simply cover potential funeral costs. By protecting your family for the future, it will offer them long term security and peace of mind that they will be protected.

Top Tips For Cheaper Life Insurance

At Life Insurance Cover we have highlighted a few ways to help save money on monthly premiums. Whilst still giving you the protection you need. There are a number of tips you can use take to make sure you pay what you need to and not a penny more for your life cover over 40:

Make sure to compare quotes to get the best monthly premium

Pick the right type of cover for you and your family’s circumstances

Do not overprotect as the cover will cost more per month

Try and get Life Insurance whilst you are younger to get cheaper premiums

Make healthy lifestyle choices to lower the risk you pose to the insurer

Whats The Best Life Insurance For Over 40’s?

The best type of life insurance if you’re over 40, will depend on what your individual circumstances might be and what you need to protect. You should consider what parts of your life you’re looking to protect for the future. Different types of Life Insurance are better suited to protect certain elements in your life.

Term Based Life Insurance Over 40’s

All Term-based Life Insurance policies will provide a cash payment to your family. If you pass away within the agreed length of your Life Insurance Policy (term). A fixed term Life Insurance policy is a cheaper way to get Life Insurance, but a claim payment is not guaranteed. If you outlive your length of your fixed term policy, the protection expires and no claim payment will be made.

Different Types of Term-based Life Insurance

Level Term Life Insurance: This policy type will provide a fixed amount of money (sum assured) if you pass away during the length of the policy. The amount your family and loved ones will not increase or decrease over time. A Level Term Life Insurance policy for Over 40’s is the ideal policy type for either interest only mortgage or to create a legacy for the long term stability for your family.

Decreasing Term Life Insurance: One of the benefits of this policy type is cost. The level of risk reduces for the insurer, it is a cheaper policy to purchase. An Over 40’s Decreasing Term policy is usually used to run in parallel with a long term cost like a repayment mortgage. It is worth noting that although the amount your family will receive reduces, the monthly premium remains the same.

Depending on what you may choose for your circumstances and budget. It is important to note that a Term Based policy will offer protection for a fixed time period. It will protect you and your family for the future by paying off a mortgage or until your children are financially independent.

Whole Of Life Insurance

If the idea of outliving a Fixed Term Life Insurance Policy raises concerns. Or if your circumstances and budget allow, another option is a Whole Of Life Policy. The biggest key point about this policy type is that your family will receive a guaranteed claim payment. By purchasing a Whole Of Life insurance policy. It will provide protection for as long as you live and could be a good choice in your 40s. The amount your family would receive remains fixed. Which means if you were to pass away 3 or 25 years into the policy length, the amount your loved ones would receive remains the same.

This type of Life Insurance cover will be slightly more expensive than a Fixed Term policy, as the insurer is will have to make a claim payment in the future. There are a couple of points to remember with this policy type which relate to monthly premiums. By choosing a Whole Of Life Insurance policy, you will have to pay a monthly premium until you pass away.

Also whilst in your 40’s the premium cost will be cheaper, you will also be paying into the policy for a longer time period. Which could mean that you potentially pay more into your protection policy than the sum assured. The likelihood of this happening in your 40’s is quite low which makes it a much more appropriate time to look at Whole Of Life Insurance cover.

At Life Insurance Cover we can help you determine if Whole Of Life protection is right for you. Simply complete a quote and our team will do the hard work for you.

Over 40's life cover search

Is Life Insurance For over 40’s Guaranteed?

Sadly not, any Over 40’s Life Insurance policy will still need medical information to complete a purchase of cover. Acceptance by any Life Insurer can’t be guaranteed as the decision will be based on your current health status. If you have ongoing medical conditions your application may be declined.

However, if you do have a medical condition or a less than perfect medical history. We can still help you find the Life Insurance you need. Our team of experienced specialists have helped to find Life Insurance Protection for many people who may have previously been declined for Life Insurance elsewhere.

At Life Insurance Cover, we search the entire Insurance Market for you. Including all specialist insurers who offer protection to people with ongoing medical issues. Simply complete a quote or use the contact us page today and discover the options available to you.

No Medical Life Insurance Over 40’s

Throughout the Life Insurance market, there is currently is no policy type for Life Insurance Over 40’s without the need for medical information. This information may need to be added to our previous post 10 Life Insurance Myths Debunked. The only policy type available in the UK without a medical is an Over 50’s No Medical policy. An over 50’s plan is the only life insurance which provides guaranteed acceptance without the need to provide any health information. So if you are in your 40’s, this policy type is not available to you as the age criteria for cover is 50-85 years old.

You may be tempted to wait until you get to this age bracket. But there are a few things you need to know about over 50s plans which may change your mind.

Although acceptance is guaranteed for Over 50’s cover. Monthly premiums will be higher because the Insurer will be taking on the unknown risk.

Even if you have ongoing medical conditions or your health is less than ideal, it may benefit you to disclose your conditions to get a cheaper premium at a younger age.

More importantly, the potential claim payment (sum assured) will be significantly lower than that available on a standard Term-Based or Whole Of Life cover. On both policy types the potential sum assured is up to £1,000,000, the maximum available through Over 50’s Life cover is limited to £25,000.

It is very important to consider the level of protection you need for your family and loved ones for the future, an Over 50’s policy may leave your family exposed to financial insecurity.

Over 40’s Life insurance For Parents

Many couples choose to start their families a little later on in life because they may have focused on becoming financially stable prior to having children. It is very likely that adults in their 40’s have very young children or young adults who rely on them financially. Looking to the future without adequate planning, if you were to pass away. How would your family survive financially?

By taking a few moments to prepare for the future and arrange a life insurance safety net, will make sure that if you were to pass away. Your family would be looked after and continue their lives with as little financial disruption as possible.

A Life Insurance Policy could:

Pay off a mortgage

Sustain additional childcare needs

Pay for daily living costs

Provide a legacy or inheritance for your loved ones

Replace your lost income

Joint Life insurance Policies

Joint Life Insurance for over 40’s is potentially one of the cheapest and most cost effective policy choices available. You could save you up to 25% on your monthly premium costs, if you were to compare it directly with the cost of two individual policies. Joint Life Insurance cover provides protection for two people simultaneously. This policy type is only available as a term-based life insurance policy. Usually a claim payment is made when the first person passes away, after the payment the cover. Which could potentially leave the surviving partner unprotected and require a new Life Insurance policy at an older age.

Therefore it might be more beneficial to purchase two individual policies to protect both individuals for the longer term. Rather than potentially trying to find Life Insurance after a person has passed away and the policy lapsing. Although buying two individual polices might be slightly more expensive, it will offer peace of mind for the future.

Critical Illness Cover

When comparing and arranging protection with Life Insurance Cover, it is possible to include Critical Illness Cover as well. It will slightly increase the monthly premium cost, but it does mean that if you are diagnosed with a serious illness you could make a claim.

A claim payment could be used to make any necessary adaptations to your home, pay for a carer or simply replace your income if you are unable to work. A key point to remember when adding critical illness cover to your life insurance is that you can only claim once on a combined policy. When a claim has been made for either Critical Illness or the life part of the policy it will lapse.

By comparing policies with Life Insurance Cover it is possible to purchase a standalone Critical Illness policy. But this will depend on your monthly budget as it will require you to pay two monthly premiums.

Terminal Illness Protection

All over 40’s policies provided through Life Insurance Cover come with terminal illness cover as standard. This means that if you are diagnosed with a terminal illness and have a limited time to live. You can make an early claim. The payment you receive from your Life Insurance policy can be used to fund whatever you wish it too. You may choose it pay for private medical treatment, make financial plans for the future or simply enjoy time with your family and loved ones.

Being Financially Responsible In Your 40’s

As detailed above it is becoming more common to experience some of life’s major events as we get older. Because many people have focused on establishing their careers before starting a family and buying a family home. It is not unusual to have significant financial commitments in your 40s. Without adequate future planning or Life Insurance protection in place, if the worst were to happen to you could your family:

Pay the mortgage

Replace your lost income

Pay for childcare

Maintain their existing lifestyle

Although being over 40 is now classified as middle-aged, the benefit of getting affordable Life Insurance may actually be more accessible than if you were in your 30’s. As an adult in your 40s, it is more likely that you still benefit from good health. But with enough life experience, that arranging lifelong insurance protection may also be beneficial.

This means that not only are you still young enough to get cost effective priced premiums for term-based cover. But you also may benefit from a whole of life policy which may be a cost-effective solution.

Compare Over 40’s Life Insurance Quotes

The monthly premium cost and cover levels for Over 40’s Life Insurance can vary dramatically between insurers. To make sure you get the best protection at the right cost, it is very important to compare quotes for your circumstances.

At Life Insurance Cover we can do all the hard work for you, which saves time and costs on your monthly premiums. If you have just turned 40 or in your late 40’s we can find the best policy for you and your family. We provide free Life Insurance quotes and there is no obligation to purchase a policy.

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How Do You Compare Life Insurance? https://life-insurance-cover.co.uk/how-do-you-compare-life-insurance/ Fri, 11 Sep 2020 15:45:19 +0000 https://life-insurance-cover.co.uk/?p=1931 Losing any member of your family is traumatic enough, but what if the main family breadwinner passes away? It could leave a family struggling to cope with the sudden loss of income. One of the hardest questions we have to face as adults with people who depend on us is: How would a partner and […]

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Losing any member of your family is traumatic enough, but what if the main family breadwinner passes away? It could leave a family struggling to cope with the sudden loss of income. One of the hardest questions we have to face as adults with people who depend on us is:

How would a partner and children manage after we have passed away?

Would they be ok with managing the financial obligations like a mortgage or other ongoing costs?

Looking into the future at the possible worst-case scenarios is never easy. However, by discussing it with your family and using the right protection for the future. It will help to protect themselves and their loved ones for any future event.

By reading this post you have taken a very important first step in protecting your family for the future. By getting a life insurance policy it will give your family the protection they need and the peace of mind for the future

But with so many different adverts on social media and seemingly good offers for life insurance. How can you know you have done everything possible when comparing insurance prices and policies?

In this Post:

Should I Compare Life Insurance Policies?

Compare Life Insurance In The UK

How Do I Compare Life Insurance Policies

How Do I Find The Best And Cheapest Life Insurance?

Should I Compare Life Insurance Policies?

In a simple answer yes. The Life Insurance Market is extremely large with many different variations of what they can offer. Each provider can provide you with a quote. But the level of protection on offer can differ so dramatically from each different company.

To find the best Life Insurance policy for you and your family that best suit your needs. You will certainly need to compare life insurance quotes from as many different Life Insurance providers. This will involve searching the Life Cover market for your top providers and requesting quotes from different life insurers.

In most instances, the time taken to narrow down a search for the right protection may not find the best Life Insurance for you and your family. With most things people purchase, research and knowledge are the keys to finding exactly what you need and at the right price.

This is why many different people suggest speaking to a either a specialist advisor or a Life Insurance Broker. They can do a thorough comparison of life insurance policies and get bespoke quotes made to your family’s needs and circumstances.

A specialist Life Insurance Broker like Life Insurance Cover will help with the finer detail. Including the terms and conditions of each insurance policy and deal with the insurance provider for you. To get your protection policy started.

compare life insurance protection

Compare Life Insurance In The UK

As the UK has one of the oldest and most robust markets for life insurance, there are many different offers for life insurance protection. Trying to find the best Life Insurance that the UK offers. Will require you to carefully go through the entire market and see how all the policies and prices compare.

To find the best results, work through a specialist broker who is able to quickly search the entire market and knows about any potential special deals or offers. Once you are happy with your Life Insurance Quote, start paying your premium. It will usually be a fixed price for the length of the policy, so getting the best advice to help you find the right protection will pay you back in cost savings for years to come.

This is where Life Insurance Cover will help, our team of highly experienced advisors will Compare Life Insurance for you. They will help every step of the way in protecting your family for the future.

How Do I Compare Life Insurance Policies

Although only a financial advisor or Life Insurance Broker can provide you with exact information about how each policy differs and how the terms vary from one provider to the next. There are a few very important factors that all Life Insurance Providers will look at.

A Life Insurance Company Will Need To Know

To enable either an advisor, broker or yourself to fully compare UK life insurance policies, review the scenarios below as they will impact your monthly premium:

Lifestyle: This will include smoking and drinking alcohol and any potential risks from diet or life choices.

Length Of Cover: Also known as the “term”, most Life Insurance policies run from 5-30 years depending on age of purchase.

Age: The cost of your monthly premiums is directly linked to your age. The older you are, the higher the risk you present. Therefore the younger you are when buying Life Insurance, the possibility of getting the best price for protection increases.

Medical history: As with age, the younger you are when buying life cover reduces the risk of ongoing medical issues. If however you do have ongoing medical issues, you can still get life insurance.

Occupation: Do you have a potentially hazardous occupation?

Travel: This applies if you travel to places that could put you at risk of a serious illness or accident.

Hobbies: Do you play high level sports? Any high-risk hobbies? This could increase the monthly premium cost.

With all of the details above in mind, insurers will assess your medical history, lifestyle, and health risk levels when deciding on a monthly premium. It is very important to have a basic understanding of what this could mean for you. By allowing Life Insurance Cover to Compare Life Insurance and which provider would offer you the best rate for your specific circumstances. It will mean that you and your family have the protection you need.

Maximum Coverage Life Insurance

If you want a Life Insurance Policy with a high level of cover or also referred to as the sum assured, it will cost more per month. Rather than a lower cost policy like a decreasing term policy.

All Life Insurance providers have a lower premium policy for a decreasing term policy type as the risk reduces over time. However if you want a policy that pays a fixed sum, also known as a level term policy. It will cost a little more, however it will provide more for your family’s future.

A monthly premium price should not be the only factor to take into consideration, the primary determining factor should be the amount you are providing for the future. At Life Insurance Cover we explain all of the different benefits of each policy type.

compare life insurance protection

How Do I Find The Best And Cheapest Life Insurance?

When searching online life insurance comparison sites it is important to understand that although they enable you to compare rates and offers on the market. They will not be complete Life Insurance quotes, but rather a rough idea of what it may cost.

By allowing a Broker like Life Insurance Cover to work for you to Compare Life Insurance products, you could get you a more competitive rate than what you’d find by going directly to an insurer or bank because our specialist advisors will search all of the Life Insurance providers relating to your specific circumstances and requirements.

By making an enquiry through our quote form will allow our team to work for you. We do not charge a fee and there’s no further obligation for you to use our services.

Compare Protection With Our Help

Whether you have experience of comparing life insurance cover or if these products are new to you Our only aim is to provide you with the potential Life Insurance protection that you and your family may need.

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Why Does Car Insurance Cost So Much? https://life-insurance-cover.co.uk/why-does-car-insurance-cost-so-much/ Thu, 10 Sep 2020 16:15:43 +0000 https://life-insurance-cover.co.uk/?p=1927 As young adults we all look forward to the day when we are able to get behind the wheel of a car and start learning to drive. If you are just about to turn 17 or maybe starting a little later, the process of becoming a fully licensed car driver is a steep learning curve. […]

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As young adults we all look forward to the day when we are able to get behind the wheel of a car and start learning to drive. If you are just about to turn 17 or maybe starting a little later, the process of becoming a fully licensed car driver is a steep learning curve. Once you have become a competent driver and passed your driving test, the next stage is either buying a car or “improving a parent’s car”. One of the final steps in getting onto the open road is buying car insurance. Most new drivers will ask for help when applying for the first time, this will quickly lead to today’s question.

How Come Car Insurance Cost So Much?

Insurers and aggregators will say it is only to do with claim volume and the cost of paying claims and the level of car insurance fraud. They also state that car insurance is not a profitable business to be in, however this is not strictly correct, as technology has moved along dramatically the level of car insurance fraud is declining and claims volumes are going down.

In today’s post we look at how your car insurance premium is worked out. It will not be filled with super insurance jargon and will be easy to follow. We will look at how many people’s assumptions make their insurance premiums higher.

Starting A Car Insurance Quote

All Insurers and Car Insurance Brokers do state on their quote screens to be as accurate and truthful as possible, which is correct, however they do not provide access to the information you need for it to be as accurate as possible. But we will place links as we go to help you get a more accurate Car Insurance Quote.

Rather than running through a complete Car Insurance Quote, today we will look at the main points that cause high premiums. These are broken down into the two R’s, Rules and Rates.

Car Insurance Rules

Each individual Car Insurer and some brokers will put a set of criteria known as rules into every single car insurance quote. The criteria can be used within the questions, or within the quote system that a customer cannot see or choose. There are generic ones, like driver cannot be a certain age before buying car insurance, cannot buy car insurance if they have too many points etc.

Rules Can Impact Your Premium Price

Although getting Car Insurance for you and others is now more simple than ever, a lot of assumptions have been made by insurers through the many years of data being collected. This does create a stacked deck against the customer, as they answer the questions to the best of their ability.

Each insurer will use files provided to them by the ABI (Association of British Insurers) or currently maintained by Polaris to slightly level the playing field. These include an occupation and employer database file, which the insurer will then apply acceptance rules to and rates (we will come back to this one). All insurers must provide a quote for Car Insurance, if a customer does not match with the insurer’s current preferred customer demographic, they will simply be either rated out (putting them at the bottom of the list) or a rule which could be as simple as job title: racing driver = exclude and load 100%. This would push the quote to the bottom.

Unless you identify the gender of chickens (Chicken sexer is a real role), most occupations do not attract dramatic premium increases. But make sure that you think about what your job title is and in which industry you work in. If you are a sales assistant that works in retail, be specific as some insurers will load a premium depending on what you declare. Take your time to go through the list to find the best match for your job type, and not always the first one that pops up.

No Claims Discount Rules

This rule is quite contentious as all Car Insurance Companies use the same one. Which means that if you are a driver on multiple vehicles you will not receive the full benefit. For example, if you have two cars within a household and you are named on both policies, you will be eligible for a No Claims Discount on each, but you cannot combine them. This means that potentially you will lose money each policy year. Another downfall is the amount of discount you receive, most insurers will discount to 5 years and very little will be rewarded to you after that point.

Saving Money On Car Insurance

After the rules, comes the rates (which works out exactly how much it costs). Each customer starts with a minimum premium and each question you complete will add or discount a set number to get to your final premium.

One of the biggest assumptions a car insurer makes is annual mileage, most people are guilty of just clicking the generic 10,000 miles and thinking nothing more of it. As most insurers use rating bands for uneven numbers, you could be losing out on a discount. The easiest way to work out a closer number to your actual mileage is to use the Government page for Mots, which gives your annual mileage. Or you could try 10,567 as a mileage number, however if you do put a set mile number in then always overestimate as it could cause a claim to fail if needed.

Additional Drivers Can Reduce The Cost

Do you have a partner, sibling that lives with you? Or someone else who needs access to your car (career etc.)?

It could be worthwhile adding them to your Car Insurance and vice versa depending on their points and convictions on their licence. The reason is simple, the more people who can drive the car, equal’s less risk. So if a household with two cars and two insurance policies with a named driver on each policy, the risk would be 50% instead of a single policy with 100% risk. Which could be the first of many discounts.

Another commonly overlooked discount that people don’t trigger is the car itself. Many insurers have a favourite driver profile, these can include lower group cars with different genders. Each car is assigned a number from 1 to 50 which relates to the risk to an insurer. So as a younger adult if you choose to buy a higher group car, you will be penalised quite heavily for your choice.

Discounts You Should Not Attempt

Within the Car Insurance industry one of the many buzzwords is called “fronting” which will invalidate a policy. All parents want to help their children out when they can, however there is a fine line when it comes to Car Insurance. An acceptable method to insure a younger driver on a car is as a named driver on a car that you own and use, as mentioned above with the additional drivers. However if a younger driver buys a car and owns it and then the parent is the main policyholder for the insurance, this is called fronting and can lead to severe consequences.

Other points to avoid which will increase a Car Insurance premium include lots of “car improvements” as insurers do not like a car being changed too much away from the standard model because it increases the potential of a claim. Car Modification is one of the largest reasons why Car Insurance Costs So Much.

As you can see there are many ways why Car Insurance Cost So Much and hopefully some of the above will either help you answer the question of “Why Does Car Insurance Cost So Much?”

There are many other reasons why Car Insurance costs so much, if you would like a question answered, feel free to pop it in the comments or on Facebook/Twitter. If you would like a further post to explain about even more ways to save on Car Insurance, let us know.

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Declined For Life Insurance? https://life-insurance-cover.co.uk/declined-for-life-insurance/ Fri, 04 Sep 2020 08:59:19 +0000 https://life-insurance-cover.co.uk/?p=1890 When you first apply for life insurance, you have taken a first and very important step in protecting your family and loved ones for the future. However if after applying for Life Protection, you find that you are not guaranteed to be accepted by an insurer. But please do not think this is the case […]

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When you first apply for life insurance, you have taken a first and very important step in protecting your family and loved ones for the future. However if after applying for Life Protection, you find that you are not guaranteed to be accepted by an insurer. But please do not think this is the case with all Life Insurance companies. Each different insurer and their underwriters take very different approaches towards risk. Including what they will consider to be an acceptable level of risk to take when agreeing to provide life insurance cover.

There could be many reasons why an individual Life Insurance company may have refused to offer protection to you. By using a Life Insurance Broker, who has the ability to search all of the providers for Life Insurance.  Will increase the chances of you being able to protect your family with a cost effective Life Insurance Quote and comparing all of the companies for you.

Been previously declined for Life Insurance? You may find the Declined For Life Insurance guide below very helpful.

The Declined For Life Insurance Guide:

Why Was My Life Insurance Application Refused?

What If My Life Insurance Quote Is Declined On Medical Grounds?

Can I Get Life Insurance After My Application Has Been Declined?

What Should I Do After My Quote Has Been Declined?

Struggling To Get Life Cover?

Why Was My Life Insurance Application Refused?

During the process of applying for Life Insurance and provided that you give all of the information to the insurer on their forms. You should get a quick and fair decision. If an application had been rejected or declined. It could be for a one or many reasons. Including any specific existing medical issues you may have. In certain circumstances your condition may require a specialist insurer.

Common reasons why a life insurance application could be declined:

The job you have or industry you work in

If your hobbies or pastimes include dangerous sports

An application was for a large amount of cover, which was not relative to your earnings

Declined on medical grounds

If you had been refused a life insurance policy for any of the above reasons. Or maybe something completely different. It does not mean you can’t get Life Insurance. A better option is to speak with an experienced Broker who searches every insurance company for you. At Life Insurance Cover we search all of the companies to find the best life insurance quote for you.

One of our experienced advisors will answer all your questions relating to your life insurance cover refusal. They will also help you find the right insurer who is more likely to accept your Life Insurance application as they have access to the whole of market of insurers and policy options.

What If My Life Insurance Quote Is Declined On Medical Grounds?

If your life insurance policy or quote has been declined, the most important thing you to do is not panic. You will need to find out the reason why it has been declined and the insurers reason for not offering protection. As all Life Insurance companies use their own risk criteria, there could be several medical reasons why an insurer may see your quote or policy as too high risk to insure. But as detailed on our pre-existing medical condition page, it doesn’t automatically mean that all insurance providers will decline you for life insurance.

Common Medical Reasons Why A Policy Being Declined Include:

Overweight Or Obese

Elevated Cholesterol, lipids and triglycerides. Having one these conditions may not be an issue, but if you have all three. It will be harder to obtain Life Insurance

Increased Liver Function

Blood Or Protein In Your Urine

High levels Of Glucose Or Blood Sugar

By asking your GP for access to your medical records, or request a copy from the insurer who has declined your application. It will give you an insight into why they refused to provide protection to you.

This will mean that you will have all the information they used to base their decision. By providing this information to a whole of market Life Insurance Broker. Will give them a clear picture and understanding of the pre-existing medical conditions and ensure that they find the right insurance provider for you.

Throughout our team of experts who have access to all the UK insurance providers across the entire market. They will help you find protection for you, even if you have been declined insurance on medical grounds.

Can I Get life Insurance After My Application Has Been Declined?

If you have had a previous Life Insurance Application declined. It does not mean that you are uninsurable or not able to get life insurance cover.

Follow The Steps to Get Life Insurance:

Find out the details from your life insurance application. Including why it had been refused.

Look at different ways to improve your lifestyle or hobbies for any future application.

Possibly look for a specialist life insurance provider or one which will be likely to accept your application.

Or The Much Simpler Choice is to:

Speak with one of our specialist team of advisors who will help you through all the above steps and will have the knowledge and experience to help you move forward and get the Life Insurance Protection you need.

By using the above steps or speaking with a Life Insurance Broker, you will be more likely to find the right insurer for you.  

What Should I Do After My Quote Has Been Declined?

The most important point is to understand that a Life Insurance Quote or policy refusal doesn’t mean you cannot get Life Insurance Protection. As mentioned above it is important to understand why an application may have failed.

The information you get from the Life insurer will be very helpful to you when looking to complete a future application. Either with the same insurer, a different provider completely or a broker like Life Insurance Cover.

We do not recommend people to re-apply straight away with a new application. We also strongly recommend to not withhold information when obtaining a Life Insurance quote. This is because if the second insurer you approach for cover discovers information you’ve failed to disclose. Or purposefully withhold information or even lied about. A different life insurance application will probably be refused. Not only for the previous cause of the Declined Life Insurance application, but for the non-disclosure of all of the information.

If you have been previously declined life insurance by an insurance provider, the best way forward is to use an experienced whole of market broker and let them do the hard work for you.

Struggling To Get Life Cover?

Previously applied for and subsequently Declined For Life Insurance? It can come as quite a shock. However as detailed within this guide, it does not mean that you cannot get a great Life Insurance Policy to protect you. If you would like to use our expertise and specialist advisors to find the best policy for you. Simply apply online, without the worry of never being able to protect your loved ones for the future.  

Our priority at Life Insurance Cover is to provide you with the right policy with the best Life Insurance Quote available. We offer free no obligation Life Insurance quotes to our customers with peace of mind for you and your family. All of our advice is free and there’s absolutely no obligation to act on it.

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What Is Family Income Benefit? https://life-insurance-cover.co.uk/what-is-family-income-benefit/ Wed, 02 Sep 2020 09:47:20 +0000 https://life-insurance-cover.co.uk/?p=1874 Following on from our guide to How Much Life Insurance Do I Need? In where we looked at the benefits of protecting your family. The Family Income Benefit Insurance Guide, will look further into planning for the future for your family and loved ones. A standard Life insurance policies will usually pay a lump sum […]

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Following on from our guide to How Much Life Insurance Do I Need? In where we looked at the benefits of protecting your family. The Family Income Benefit Insurance Guide, will look further into planning for the future for your family and loved ones.

A standard Life insurance policies will usually pay a lump sum to the policyholder’s family or beneficiaries following their death. However as we have previously mentioned Life Insurance is not a one size fits all solution. Many policyholders have opted for a Family Income Benefit policy. Which will pay an ongoing amount of money to your family up until the policy expires. Which can be paid monthly or annually, payments are made to your family or beneficiaries tax free.

The Family Income Benefit Insurance is a fixed term life insurance product that can provide a replacement for your salary. This will offer your family financial security until the policy expires. Although Family Income Benefit Policies are not the most popular choice for customers or as widely known as Whole of Life or Level Term insurance products. They can also be a great way of obtaining cheap life insurance and a sensible choice for young families.

In The Family Income Benefit Guide:

How Does Family Income Benefit Insurance Work?

What Is The Cost Of A Family Income Benefit Policy?

How Much Monthly Benefit Should I Choose?

Do I Want A Family Income Benefit Policy?

Why A Family Income Benefit Policy Might Not Be For You

Other Income Protection Products

How Does Family Income Benefit Insurance Work?

Similar to all Life Insurance policies, which includes Family Income Benefit Insurance, you pay a set monthly premium. The Life Insurance provider will then pay in return, a fixed monthly income paid to your family and loved ones should you pass away during the policy term. The premiums on Family Income policies can either guaranteed. This means they’ll stay fixed for the duration of the policy, or reviewable. Which means they will be reviewed by the insurer at set intervals. Our specialist advisors will make sure to explain the key differences and your preference.

After you pass away, the insurer will pay your family or named beneficiaries an income. Either monthly or yearly depending on the specifics of your policy, for the remainder of the policy term.

As with a Decreasing Term life insurance policy, the longer a policy runs for, the less will be paid to your family. E.g. If you were to purchase a Family Income Benefit Life Insurance policy for 25 years and you passed away at the 5th year of the policy. Your family would receive payments from the life insurer for 20 years. However if you survived until the 23rd year, your family would receive payments for the final 2 years of the policy.

The Family Income Benefit Protection is usually used to offset the larger financial costs. Which may include a mortgage, raising children etc.

All life insurance products have policy limitations as detailed within the Small Print Guide. Some types of death which include suicide or drunken accidents, may be excluded from cover. Which may mean any claim against the Family Income Benefit policy will be rejected. Also by not declaring ongoing lifestyle or health problems will also potentially cancel your life insurance protection. Failing to keep up with the premiums on your policy will also mean your policy may be cancelled. Our team of advisors will make sure that you understand all of the key points.

What Is The Cost Of A Family Income Benefit Policy?

All Life Insurance premiums including Family Income Benefit protection are calculated on several key factors. Which vary between each person and what protection they need.

Key Factors:

Age: All Life Insurance products are assessed on your age when you take out the policy. As you get older, you become a higher risk and the premiums you will pay, will cost more.

Health: Each person has a certain risk of having a pre-existing medical conditions or a lifestyle choice. Including smoking, or drinking to excess of the recommended guidelines will increase your premiums. Some medical conditions, like diabetes or other chronic illnesses which are hard to control. May make it difficult for you to obtain Life Insurance except from specialist providers.

Policy Term: The length of a policy will create higher premiums, this is because you will become a greater risk as you get older.

Income Amount: The higher the monthly payment you provide for your family after you pass away, will increase the monthly premium cost.

How Much Monthly Benefit Should I Choose?

Although it may be extremely tempting to purchase a Family Income Benefit policy to provide everything and more for your family once you have passed away. It is always important to exercise a certain amount of caution when looking at the monthly premium. Although the premiums might be affordable now, although probably more than you may wish to pay. Looking into the longer term, the premium cost may not be sustainable. Which may lead to you might not be able to keep up with them. Which could eventually lead to the cancellation of the policy.

It is very sensible to carefully consider the essential monthly outgoings your family and loved ones would face after your death and obtain enough insurance to protect those costs. You may decide to match the level of your Family Income Benefit protection with your monthly take-home salary.

When deciding on what you would like your Family Income Benefit product to protect. You will also need to think about how long you wish the policy to last for. Many of the families we speak to often sync the policy term of the protection policies with the ages of their children. This could be worked out to match the policy expiration date to when a youngest child leaves the family home and becomes independent.

Do I Want A Family Income Benefit Policy?

Life Insurance protection is a very important choice to make for the benefit of your family and loved ones. By providing a financial safety net for them for the future. It will provide peace of mind for the long term. A Life Insurance policy with a Family Income Benefit can help your family to pay for the everyday household outgoings. Should you pass away during the policy term. Although it will not provide a large lump sum payment, it will however help to pay the essential bills.

With all Life Insurance policies it is very important that your protection provides the cover that you want and at best possible monthly price. At Life Insurance Cover we help all new and existing customers to find the best cover for their individual circumstances.

Because the potential claim payment are significantly smaller and spread over a long time period. The premiums for Family Income Benefit policies are much cheaper than those for other Life Insurance policies including Whole Of Life and Level Term.

Why A Family Income Benefit Policy Might Not Be For You

Because a Family Income Benefit policy follows the same path as a Decreasing Term Life Insurance Policy in that the total amount your family would receive after you pass away decreases over time. This policy type would not be suitable for you, if you want to ensure the highest level of coverage.

Similar to many other Term Life Insurance Products, these policies will also expire as the term period is a fixed point in the future. An alternative to ensure your family receives a lump sum payment, no matter when you pass away or possibly to cover funeral expenses. You may want take a further look at a Whole Of Life policy. These policies will deliver an agreed payment to your family and loved ones, no matter when you d

ie as this policy type does not have any time constraints. This could offer protection for you after paying a few months of premiums or after many years of paying a monthly premium.

Another point to raise against a Family Income Benefit policy would be its suitability against primary expenses that your family and loved ones may face after you have passed away.  These may include payments on a large debt, including a mortgage. Although a Family Income Benefit policy may allow your family to continue making mortgage payments. It would be more financially sensible for them to receive a lump sum payment. Allowing them to settle a mortgage or other large required payment. Rather than many years of additional interest payments which would naturally accrue over time.

Other Income Protection Products

Because a Family Income Benefit policy only starts making payment when you pass away during the term of the insurance policy. It will not offer protection for any other eventuality.,Which may include a critical illness, chronic illness or a potential long term injury. This could prevent you from working and stop you being able to provide for your family in the present and for the future.

You may want to ensure your family always has the financial stability of money coming in. This may include looking into Income Protection Insurance which will offer further stability to you and your family. Many short-term income protection policies can provide a portion of your previous income, for a period of up to twelve months, if you’re out of work due to accident, sickness. While Long-term income protection policies can supply you with a percentage of your income.

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10 Reasons To Use A Life Insurance Broker https://life-insurance-cover.co.uk/10-reasons-to-use-a-life-insurance-broker/ Fri, 28 Aug 2020 11:10:46 +0000 https://life-insurance-cover.co.uk/?p=1866 What Is A Life Insurance Broker? A life insurance broker searches all of the life insurance companies to find the right insurance quote for you. Some brokers are tied to preferred insurance companies, however Life Insurance Cover searches all of the insurance companies to compares life insurance quotes on your behalf. By using a UK […]

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What Is A Life Insurance Broker?

A life insurance broker searches all of the life insurance companies to find the right insurance quote for you. Some brokers are tied to preferred insurance companies, however Life Insurance Cover searches all of the insurance companies to compares life insurance quotes on your behalf. By using a UK based life Insurance Broker, you can be safe in the knowledge that they are regulated by the FCA and not just a marketing company.

At Life Insurance Cover we do not charge a fee to our customers to get insurance protection.

What Can A Life Insurance Broker Do For Me?

Not only do we find and compare the best life insurance quotes to find you the best protection. But our experienced team of specialist advisors will also guide you through the entire process, from application to complete protection. A Life Insurance broker will always assist throughout the process of applying for life cover. They will also fully explain the details and answer any questions you may have.

Detailed below, we have compiled a list of 10 reasons why we believe using a life insurance broker is the best way to find the perfect policy for you.

  1. Saving You Money On Life Insurance
  2. Making Life Insurance Applications Easy
  3. No Life Insurance Jargon
  4. Providing The Right Information
  5. Saving You Time
  6. Peace Of Mind For You
  7. Making A Life Insurance Claim
  8. FCA Registered Life Insurance Broker
  9. An Insurance Broker Works For You
  10. Creating A Long Term Relationship

Saving You Money On Life Insurance

We would all like to get exactly what we need and what we pay for. Or even a better level of protection for a better monthly cost.

Is buying insurance cheaper through a Life Insurance Broker?

As Life insurance brokers search the market for you, instead of just one insurance provider, it will help to secure the most suitable protection cover. As well as saving you money per month, which will allow you to protect your family for the future.

At Life Insurance Cover, we do not charge a fee for the services we provide to the general public and there’s no obligation to take out a policy after obtaining your free quote. As a whole of market Life Insurance Broker, we pride ourselves on offering the right level of protection at the best possible cost.

What’s the Catch?, how do life insurance brokers get paid?

At Life Insurance Cover we are completely transparent in how we receive payment and who from. Our Life insurance providers pay commission to us as a Life Insurance Broker on the sales of policies bought by our customers. This is why many insurers would rather that you go directly to them and they may encourage this by offering a free gift.

But by doing this, you are likely to miss out on the very best deals being offered by other providers.

At Life Insurance Cover we always compare quotes for you, as the cost of premiums can vary significantly for the same level of cover. We also encourage our customers to think about the level of protection they may need.

Making Life Insurance Applications Easy

As most people know, banks and building society’s sell life insurance alongside the many other products they may offer. Even some mainstream retailers now offer Life Insurance policies as well. Which makes the whole process even more confusing when you try and search the market and are presented with hundreds of options.

By going directly to a bank, mortgage provider or supermarket will not guarantee cheaper premiums either. As many are restricted to what they can offer to you, which can cause frustration and confusion while looking for insurance.

A UK based Life Insurance Broker is able to do all the hard work for you, comparing different policy types and levels of protection from a wide range of insurers. At Life Insurance Cover we will match your needs to one of the many Life Insurance Companies available and not make assumptions, which other providers may make.

This will enables us to filter your search and only get Life Insurance Quotes from companies who will benefit you. This allows you to focus on the type of policies that best meet the needs of you and your family.

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No Life Insurance Jargon

We explain without using jargon, would you know the difference between a level and decreasing term insurance policy?

Or how about the difference between life assurance and life insurance?

Understanding the terminology exactly can make the difference between getting what you need, rather than what you thought you bought. Not only for stress free peace of mind, but also to make sure your Life Insurance policy is valid and protects you.

By using a Life Insurance Broker means you can speak to a real person who can remove the smoke and mirrors. Making sure that everyone understands exactly what a policy can and cannot do.

At Life Insurance Cover we are defined as a non-advised brokerage. This means that we do not provide life insurance advice or advise on which specific policy you should buy. This gives you the control on which policy you choose, without a pushy sales person.

At Life Insurance Cover we always provide all of the information from an insurance provider to our customers and identify a number of suitable options, allowing you to make the best informed decision.

Providing The Right Information

A good Life Insurance Broker can provide you with a full and clear understanding of the many different life insurance policies available to you. By explaining the complete process of taking out a new life insurance policy, paying your monthly premiums and how to make a claim. Our expert team have the knowledge and experience required to help.

It is unlikely that you will be familiar with all of the processes when it comes to Life Insurance Cover. This is why our team of experts can be really helpful, our team can help you with many other things to do with Life Insurance including putting your Life Insurance into a trust.

Most people are not aware of the benefits of putting Life Insurance policy in trust. Which help you to minimise the inheritance tax threshold? It will also speed up probate for a faster pay out.

Saving You Time

Whether you’re a stay-at-home parent, working a full-time job or retired. One of the many things we learn as we get older is, time is precious. Can you tell straight from memory, the last time you had to complete a complicated form? Without having to re do everything after making a mistake or the wrong coloured pen.

As a Life Insurance Broker, We complete the life insurance application for you over the phone. Taking away the stress and making sure it’s all correct. Giving you more time to do the things you want to with your family and friends.

Peace Of Mind For You

When you are thinking about taking out life insurance protection, it’s your family and their long future stability you’re planning for. This will give you the peace of mind for the future of your loved ones. A good Insurance Broker will help you find the best protection for your family’s future, by ensuring that you know the type of policy you have and what it will do in the future.

Our extensive experience at Life Insurance Cover has taught us about all of the many mistakes people can make when either buying the wrong protection or any potential shortfalls. We do ask all the appropriate questions to make sure that your Life Insurance Quote, is for the right product and that your cover is suitable and valid.

By using our services we offer the peace of mind that your family is fully protected if you’re no longer there to look after them financially.

Making A Life Insurance Claim

When the time comes for a loved one to claim on your life insurance, a good UK based Insurance Broker will help you and deal with your insurer directly. This will make the process as easy as possible. At a time when your family will be suffering emotionally, having the support of an Insurance Broker like Life Insurance Cover to help your family through the claims process is one less thing for you to worry about.

FCA Registered Life Insurance Broker

Many will have seen adverts on social media for Life Insurance, some are from Insurance Brokers like Life Insurance Cover. Some however are from marketing companies who do not have FCA accreditation. This means that any potential customer could be risking the protection that they are seeking. A good Insurance Broker should be represented by the Financial Conduct Authority (FCA). This means that if the broker or your insurer cease trading, you won’t lose out financially and would be protected.

At Life Insurance Cover we are proud to be FCA registered.

An Insurance Broker Works For You

It is important to remember, a Life Insurance Broker works for you, the customer, not an insurance provider. Always finding the best level of protection for their customers and ensuring it remains within an agreed budget.

Another important point to remember, is that we never charge a fee for our service. (Although, some brokers do charge). We believe a good Life Insurance Broker should always represent the customer’s best interests and be focused on your needs.

Creating A Long Term Relationship

As Life Insurance protection is a long term policy, we take the time to get to know our customers through the many years ahead. A good Life Insurance Broker will want to a build long-lasting relationship with you. This gives you the reassurance that they care for you and your family.

The benefits of using an Insurance Broker are often overlooked as technology advances, however a good Life Insurance Broker will be able to find protection for you. Usually policies which the general public does not have access to.

Everyone’s circumstances are different, some people may think they cannot get Life Insurance protection because of a medical condition, which many marketing companies and comparison sites do not search for. At Life Insurance Cover we search all of the providers for Life Insurance including Diabetes, Cancer, Smokers and many more.

Is It Better To Use An Insurance Broker?

Whether it’s better to choose an Life Insurance Broker, will depend on your personal choice and circumstances. But, buying Life Insurance protection is very different from other types of insurance, such as home, car, pet or gadget cover.

It does require a lot more consideration as Life Insurance is a long term protection policy, rather than just a 12 month policy. So using an online automated comparison site may not give you the answers to questions you may have.

Why Choose Life Insurance Cover As Your Broker?

Our quote service is free of charge and without obligation

UK based team of specialist advisors

We’re independent and don’t have preferred insurers

FCA registered service

We treat our customers like family

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Making Life Insurance Quotes Simple https://life-insurance-cover.co.uk/making-life-insurance-quotes-simple/ Wed, 26 Aug 2020 15:43:59 +0000 https://life-insurance-cover.co.uk/?p=1853 Getting free life insurance quotes is one of those things that will probably not be very high on the get done list. You may think you have plenty of time to get it done or that it’s too complicated or time-consuming for you. Or you may simply keep putting it off because it’s not something […]

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Getting free life insurance quotes is one of those things that will probably not be very high on the get done list. You may think you have plenty of time to get it done or that it’s too complicated or time-consuming for you. Or you may simply keep putting it off because it’s not something you want to think about.

Getting Life Insurance Quotes

With all products which should have been explained to us as young adults. Life insurance for some has become quite a hard subject to know where to start. At Life Insurance Cover we have taken the complication out of the way. Making it easier for everyone to understand and get the best life insurance quotes available.

All you need to do to get free life insurance quotes, is a couple of minutes of spare time, some very basic general information about yourself and access to our life insurance quotes form. We have designed it to be a quick and easy way to get life insurance protection.

What You Will Need To Pick For Your Life Insurance Quote

The kind of life insurance you want, including Whole of Life, Fixed Term or Decreasing Term

Who you’d like to cover (just yourself or your partner too)

The amount of Protection you need, which could be a mortgage or replace an income

How much you can comfortably afford per month

Potentially how long you may need the cover for

Simple and easy to get a Life Insurance Quote

We’ve laid out the steps to show you, how easy the process is.

  1. Select the type of cover you need
  2. Tell us who you’d like the policy to protect along with the amount of cover you may need. Also how long you want the cover to last for (term).

Simply complete the entire form with your name, date of birth, and let us know if you’ve smoked or used nicotine replacements in the last 12 months.

We will also ask you to provide your phone number and an email address. They’re not compulsory, but to allow us to search all of the life insurance companies for you. Some will take longer than others to return a monthly premium for you. This will help you to apply for your free life insurance quote.

Once you request a quote, there is another selection box for the option of adding Critical Illness Cover for you. Some of the insurance providers we use allow standalone Critical Illness Cover, while some will add it on for free. That is one of the many benefits that we provide as a life insurance broker, rather than a marketing company or going direct to one insurance company. We have written an extensive guide to provide a clear explanation of Critical Illness Cover and its many benefits.

Flexible and Easy To Complete

And that is part one of being protected for the future. If you want to explore a few other protection options, our specialist team can help with many other types of protection. Otherwise you’ll have the option go ahead and get protected straight away. Knowing that a free life insurance quote will offer peace of mind, as well as protecting your family for the future.

To help figure out what sort of cover you may need, you can check out some of the many handy guides that we have created for you.

During The Application Process

If you decide to go on to apply, it may take a little longer as we need to ask you some questions about your medical history, health and lifestyle. But even so, completing the application will usually take less than 30 minutes.

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