Life Insurance Cover https://life-insurance-cover.co.uk quote, compare, get covered Thu, 19 Nov 2020 15:57:56 +0000 en-GB hourly 1 https://wordpress.org/?v=5.5.3 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 Critical Illness Cover for Smokers https://life-insurance-cover.co.uk/critical-illness-cover-for-smokers/ Thu, 19 Nov 2020 13:48:54 +0000 https://life-insurance-cover.co.uk/?p=2355 As with all of the many lifestyle choices that we make, you will probably not be surprised to learn that. When it comes to Life Insurance and Critical Illness Cover. Smoking will impact your eligibility and the monthly premium you pay for your policy. In today’s post we will take a deeper look at Critical […]

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As with all of the many lifestyle choices that we make, you will probably not be surprised to learn that. When it comes to Life Insurance and Critical Illness Cover. Smoking will impact your eligibility and the monthly premium you pay for your policy. In today’s post we will take a deeper look at Critical Illness Cover for smokers. Including how to find the best level of protection if you have a history of smoking.

In today’s guide we will cover:

Can Smokers Get Critical Illness Cover?

What If I Start Smoking After Getting Critical Illness Cover?

Will It Cost Less If I Stop Smoking After Getting Critical Illness Cover?

Can I Get Critical Illness Cover If I Vape?

Compare Policies For Critical Illness Cover For Smokers

critical illness cover for smokers and non smokers

Can Smokers Get Critical Illness Cover?

The simple answer is yes, as a smoker you are able to get Critical Illness Cover protection. However, if you smoke, or have used any nicotine based products which includes replacements. Such as vapes, e-cigs and patches within the last 12 months, you’ll be classed as a smoker. This also includes social smoking and even if you only had the one cigarette.

When being defined as a smoker by an insurer will not be impacted on your choice of what you smoke (i.e. cigarettes, cigars, e-cigarettes, and chewing tobacco). Another point to remember is how much tobacco you consume (a pack or more a day, or just the occasional cigar on weekends). Many Critical Illness insurers will usually treat smokers equally. However, individuals who choose to consume nicotine based products with a very high level of tobacco. Will often lead to an additional load on top of the smoker premium.

A Critical illness Cover Insurance policy for smokers will usually be more expensive. This is decided by a few factors and that a policy will be based on an impairment. Other factors will include your age and overall health and other lifestyle choices. As a smoker you should expect your premium to be slightly higher than a non-smoker. Potentially a premium could be between 25% and 50% higher. Even if the rest of an insurers criteria perfectly matches with a non-smoker. Some policies exclude cancers that are commonly associated with smoking.

To help you find the best Critical Illness Cover Insurance as a smoker, it is important to compare different polices. At Life Insurance Cover we compare all of the insurers. Helping you find the best policy for you and your family.

Can An Insurer Test Your Smoker Status?

During the application process for a Critical Illness Cover policy, an insurer can request that you have a medical examination. It is common practice for a test for nicotine based products to be done with a simple urine nicotine/cotinine test. If you have chosen to declare yourself as a ‘non-smoker’ in your application to take advantage of the lower monthly premiums. Please be aware that the test for nicotine is quite precise and is able to detect trace amounts of nicotine. If you are a smoker, it is important to provide all of the correct information to an insurer. It can impact your policy in the long term if you deliberately withhold key information.

What If I Start Smoking After Getting Critical Illness Cover?

After you have decided to buy a Critical Illness protection policy. It becomes your responsibility to tell your insurer of any changes to your health and personal circumstances. Because changes to your health and circumstances can impact your protection cover. You will need to update your provider so that they can potentially re-evaluate your monthly premium.

Some people could be tempted withhold or not disclose that they smoke to their insurer, but this is not advisable. Within the Insurance industry this is referred to as ‘non-disclosure of material facts’. If you choose to withhold or not disclose your smoker status. It could mean your policy being made void or in the worst case scenario, it could count as Insurance fraud.

Alternatively, if the time comes that you need to make a claim and it is discovered that you have started smoking, your policy could be invalidated. Which will mean that your claim will not paid out at all, or paid out at a reduced rate. Also you will not be able to get the money you spent on your premiums back.

Will It Cost Less If I Stop Smoking After Getting Critical Illness Cover?

If you have decided to make a healthy choice to stop smoking and you want your premiums to be adjusted down to ‘non-smoker’. You will normally have to be able to demonstrate that you successfully quit smoking for 12 months. As a successful non-smoker you will be tested to ensure that all the nicotine based products have left your body prior to re-broking your policy. You will have to apply to make the policy changes as they do not happen automatically.

It is very important to remember that tobacco replacements like nicotine patches or gum will add nicotine into your body and still class you as smoking. Once you have been able to abstain from smoking for a complete 12 months. Only then will you be classed as a non-smoker.  

Although the process can seem quite daunting. An increasing number of providers are flexible around the use of smoking cessation products. If you have recently stopped smoking and are keen to reduce your monthly premiums. Some of the many providers we search at Life Insurance Cover do offer positive premium reductions while you stop smoking.

When you apply for a premium reduction or new policy, your insurance provider may arrange a test to see if there are any traces of nicotine left in your body. If the test shows that you have successfully stopped smoking and there are no traces of nicotine. You will be classified as a non-smoker without a policy impairment and your premiums will decrease accordingly.

critical illness cover for smokers and vapers

Can I Get Critical Illness Cover If I Vape?

Because vaping is a relatively new lifestyle choice and the data is quite limited. Currently insurers treat vaping exactly the same as any other form of tobacco consumption. Although not all vape products contain nicotine, it is currently unknown about what damage could be caused by the long term use of vapes.

Over the past few years vaping and electronic cigarettes have become more established. Within the Critical Illness Cover providers there has been an increase in specialist insurers offering better rates for vapers. It is important to remember that although the monthly premiums might be less than a smokers. They will not be as good as the rates available to non-smokers.

If you vape and don’t smoke or use nicotine products, an FCA regulated broker like Life Insurance Cover. Can help you find a Critical Illness Cover policy for vaping. Simply use our free no obligation quote service.

Compare Policies For Critical Illness Cover For Smokers

If you are unsure on how to find the best protection policies available to you, or you may have questions about Critical Illness Cover insurance. Because Life Insurance Cover is a whole of market insurance broker. We can compare the market to find you the best policy at the right monthly premium. Helping you to find the best rates for smokers and ex-smokers, with no obligation and free quotes, start comparing today.

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Covid19 Life Insurance Claims https://life-insurance-cover.co.uk/covid19-life-insurance-claims/ Tue, 17 Nov 2020 11:07:56 +0000 https://life-insurance-cover.co.uk/?p=2346 At the time of writing this post, Wales have completed their “fire Break” Lockdown. Scotland are using a tiered approach and England is in its second Lockdown. In today’s post we take a look at some of the data relating to Life Insurance Claims directly caused by Covid19 in the first nationwide lockdown. From a […]

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At the time of writing this post, Wales have completed their “fire Break” Lockdown. Scotland are using a tiered approach and England is in its second Lockdown. In today’s post we take a look at some of the data relating to Life Insurance Claims directly caused by Covid19 in the first nationwide lockdown.

From a standing start the world have innovated and invented new ways to help local communities and the wider population. Which range from new and repurposed medical treatments to potential long term vaccines in the pipeline.

Although many are hailing the importance of these discoveries, it has come due to a global tragedy with the loss of many lives in the UK and worldwide. Currently the loss of life globally stands at approximately 1.3 million lives lost. Many of which had been lost in the first wave of Covid19. Many countries are now beginning to face a second wave of infection or daily increases of their first wave.

Today we look at:

Life Insurance Claims Caused By Covid19

Life Insurance Covid19 Claims Data

Helping Families & Loved Ones

UK Insurers, Savings Industry Help Charities

Covid19 Life Insurance Claims

Life Insurance Claims Caused By Covid19

The ABI (Association of British Insurers) has released early data for claims received and successful claim payments made to families and loved ones. This data is usually released once a year to provide transparent information about claims made on Life Insurance, Critical Illness, Income Protection and many other types of Insurance.

During the peak of the first wave of Covid19, insurers paid the equivalent of £980,000 a day.

Insurers received 7,000 Life Insurance claims, and paid £90 million in total, which is the equivalent of £980,000 every day. Helping to support the families and loved ones of people. Who tragically passed away due to Covid19 during the height of the first wave. These figures were collected and collated by the ABI with information provided by Life Insurance providers.

Life Insurance Covid19 Claims Data

The ABI also did further analysis of the date and highlighted that between 1 March and 31 May this year:

6,689 claims had been made on individual Life Insurance protection policies. With 351 claims under group schemes (which also includes a small number of critical illness and total permanent disability claims), with a current total of £90 million paid. These figures equate to 77 claims worth £980,000 every day. During the time period in which the data was collected.

The ABI has also been informed that the vast majority of Life Insurance, Critical Illness and Total Permanent Disability claims caused by Covid19 totalling 83% – have been paid so far. A key point to note is that these figures show that every Life Insurance Claim caused by Covid19. Has so far been accepted and processed.

The average claim payment on a Term Based Life Insurance policy is expected to be £63,000. With an average claim payment of £137,000 on group policies.

Helping Families & Loved Ones

Roshani Hill, the ABI’s Assistant Director, Head of Protection and Health went a step further;

Every Covid19 death is a tragedy. While no amount of money can ever replace a life. Insurers have been doing all that they can to help families cope financially through these unprecedented and distressing times.

We know that Coronavirus has long-lasting impacts, and protection insurers will continue to support families hit by this tragedy. No one knows what is round the corner. Which is why protecting yourself and your family against the worst is vitally important.”

Covid19 Life Insurance Claims

UK Insurers, Savings Industry Help Charities

The UK Insurance and long-term savings industry is also supporting many charities. Helping some of the people hardest hit by the Covid19 crisis. The Covid-19 Support Fund, launched in May. It has already seen £83.9 million been pledged in voluntary contributions from firms across the Insurance and savings sector.

The Fund works in partnership with the Charities Aid Foundation. As well as a network of partners, which includes the National Emergencies Trust and Business In the Community. The key aim is to provide immediate relief to charities impacted by Covid19. There is also a longer-term programme of support for people, communities, and issues where there is the greatest need, including:

  • Community based charities that are under unprecedented strain
  • Charities supporting the most vulnerable – in particular, families and children living in poverty and older people in isolation
  • Initiatives to promote wellbeing and mental health across society

These innovations will continue to provide stability for the wider community in the UK. After the Covid19 pandemic and subsequent treatments/vaccinations.

Although we remain hopeful for the coming months and the successful role out of the vaccination programme. At Life Insurance Cover, we ask our visitors to look after themselves, families and wider communities during the winter months. With therapeutics and vaccines helping to treat those with Covid19. Our hope is that the second wave will not be as devastating as the first.

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Life Insurance When Pregnant https://life-insurance-cover.co.uk/life-insurance-when-pregnant/ Fri, 13 Nov 2020 15:49:34 +0000 https://life-insurance-cover.co.uk/?p=2341 If you are expecting your first child or the addition of a brand new family member which brings happiness and excitement for the future. It can also be a time to consider many different factors during pregnancy. These could include getting everything a new born baby will need for the first few months at home. […]

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If you are expecting your first child or the addition of a brand new family member which brings happiness and excitement for the future. It can also be a time to consider many different factors during pregnancy. These could include getting everything a new born baby will need for the first few months at home. At some point you may consider protecting yourself through pregnancy with a Life Insurance policy.

Part of the consideration on whether you can get Life Insurance during pregnancy is protecting your family for the future.

In today’s guide we will take an in depth look at what you may have, including: 

Can I Get Life Insurance During Pregnancy?

Should I Get Life Insurance When I Am Pregnant?

Taking Out Life Insurance When Pregnant

Do I Need To Tell My Life Insurance Provider That I Am Pregnant?

pregnancy and life cover

Can I Get Life Insurance During Pregnancy?

The shortest answer is yes, you are able to get Life Insurance during pregnancy. The vast majority of women who are pregnant can still get Life Insurance. A policy can protect themselves, an unborn baby and other family members for the future. However, it can be a bit of a challenge if you are unable to find the right insurer for your individual circumstances.

Some pregnant women may experience difficulty in obtaining the right level of Life Insurance because of pregnancy-related health issues. Which can include high blood pressure, elevated cholesterol levels or gestational diabetes.

A few life insurer may prefer to postpone an application for a policy until a set time after you have given birth. Which is why it is important to use an FCA regulated broker, like Life Insurance Cover who can search all the UK providers. Helping you to compare different insurers, to find the best Life Insurance for you during pregnancy and for the future.

Should I Get Life Insurance When I Am Pregnant?

When you decide to start a new family, or make an addition to your family. A whole level of new responsibilities will be coming your way.

One of the many new responsibilities will be providing financial security for your family’s future. By choosing to obtain an appropriate Life Insurance policy will give you peace of mind should the worst happen. The best type of long term protection for your family will help them to cope financially, especially if they rely on your income to provide for them.

By choosing to create a long term safety net for your family, will help you to be reassured that any expenses such as mortgages or other large household outgoings will be covered. Knowing that your partner and children will not have to struggle to make ends meet.

Pregnant and Life insurance

Taking Out Life Insurance When Pregnant

When choosing to look for long term protection for your family with a Life Insurance policy when you are pregnant is a very important decision to make. It is extremely important that make an insurer aware of any conditions including pregnancy. Anything less than full disclosure to an insurer about your health and lifestyle could impact your policy.

One of the key factor that a Life Insurance provider will look at will be your lifestyle choices. They will ask you if you smoke or consume alcohol. Many women choose to quit these habits when they find out that they are pregnant. If you had previously consumed alcohol or smoked prior to applying for Life Insurance, you will need to tell the insurer.

This reason for this full disclosure is because Life Insurance providers will ask if you have used alcohol or nicotine products (this includes e-cigarettes) for the last 12 months. If you have chosen to quit these habits for the longer term, an insurer will recognise this and provide lower monthly premiums.

The best option for getting cost effective Life Insurance when pregnant is to use the services of FCA regulated broker. Because FCA regulated brokers are able to compare the market by searching all Life Insurance providers. By using a broker, like Life Insurance Cover who can find the best protection for you, will save you time and potential disappointment.

Do I Need To Tell My Life Insurer That I Am Pregnant?

The short answer is Yes, It is extremely important that you tell your Life Insurance provider of any health issues that may affect your policy including pregnancy. If your policy was in place prior to becoming pregnant, it is likely that there will not be an impact to your policy. However, if your pregnancy has occurred during the application or shortly afterwards. It is very important to make them aware of your pregnancy as it might impact your policy.

It may seem irrelevant to advise an insurer about your pregnancy, but it is better to have a quick conversation. Rather discover that your policy has been cancelled due to non-disclosure of your pregnancy.  

How To Find Life Insurance Cover

If you are currently pregnant or simply planning for the future and want to make sure you have the right Life Insurance protection in place to protect your family. Our experienced team of specialist advisors can help you find the pest protection for you and your family.

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Is Critical Illness Cover Worth It? https://life-insurance-cover.co.uk/is-critical-illness-cover-worth-it/ Tue, 10 Nov 2020 13:10:42 +0000 https://life-insurance-cover.co.uk/?p=2330 Each year, an increasing number of UK adults become either become chronically unwell or suffer a severe illness meaning they can no longer work. Although this is an extremely scary thought as none of us know what the future holds. With many adults having mortgages and rent to pay and families to feed, an increasing […]

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Each year, an increasing number of UK adults become either become chronically unwell or suffer a severe illness meaning they can no longer work. Although this is an extremely scary thought as none of us know what the future holds. With many adults having mortgages and rent to pay and families to feed, an increasing number of people turn to Critical Illness Cover. But is Critical Illness Cover Worth It?

Today’s guide will take a look at the many options available to you and help you with the best course of action. Preparing for the future in case you are diagnosed with a critical or terminal illness will provide stability for your families’ future.

In Today’s Guide:

Is Critical Illness Cover Important?

Is Critical Illness Cover Worth Getting For Children?

How Many Times Can I Claim For Critical Illness?

Important Factors To Consider

Are There Alternative Products Available?

Compare Protection Policies With Life Insurance Cover

is critical Illness cover worth it for the future?

Is Critical Illness Cover Important?

Each year, an increasing number of people are benefiting from having a long term protection policy for Critical Illness Cover Insurance to protect them financially if they cannot work. No one knows what the future may hold or predict if they may fall critically ill. However, with careful long term planning you can take steps to protect your family and yourself financially.

For the people who do fall ill with a long term medical condition or are diagnosed with a critical condition will likely be worried about being unable to work. During a time of illness, it is important to focus on the ongoing treatment and potential recovery. Rather than potentially worrying about how to pay bills and look after your family. Which could make treatment time and recovery times increase or make a condition worse.

Why Planning For The Future Is Important

Many people in the UK are not in a position to have enough savings to protect the shortfall of income during a prolonged period of sickness. A recent study estimates that over 10 million households in the UK do not have any savings at all. Therefore, if you are re not in a position to be able to comfortably afford your household bills without an income, Critical Illness Cover Insurance could be worth having.

It is also worth noting that each insurance provider will offer different products at varying monthly premiums. This will depend on your individual circumstances and can also impact the amount you are insured for. Almost all Critical Illness Cover providers offer guaranteed premiums for the length of the policy. Which will allow you to keep the same level of Insurance cover at the same cost. Which is very important for people who have to budget monthly and will help as you enter your older years when a Critical Illness Cover policy will be more expensive.

Is Critical Illness Cover Worth Getting For Children?

Although Children’s Critical Illness Cover is a contentious issue, as no parent wants their child to become ill. Many insurers do offer protection policies for children which can provide peace of mind if you have to take time away from work to care for your children. If a child does become ill or suffer with a long term Critical Illness a lump sum could go towards their treatment, if needed.

It is important to note that a claim payment you will receive can be lower. This is because many Children Critical Illness policies are offered at no extra monthly cost to your own protection cover.

Because each provider offers different levels of cover at very different monthly costs. It is extremely important to search all of the providers in the UK. At Life Insurance Cover, we search all of the providers available. By using an FCA regulated broker. You can search all of the providers quickly and find the best protection for you and your family.

How Many Times Can I Claim For Critical Illness?

One of the many factors to consider when purchasing a Critical Illness Cover policy is that most providers will only make a claim payment once. Therefore, if you have a combined Life and Critical Cover policy type and make a claim against the Critical Illness part of the policy. It is likely that the same policy may not be make a further payment after you pass away.

However, this is not the case with all policy types and a number of insurance providers do offer different levels of cover. This is another important reason to use a FCA regulated broker like Life Insurance Cover. By using a broker who can identify the best policy to fit your individual circumstances and the different policy limitations. Will help to protect your family for the future.

Important Factors To Consider

Having a Critical Illness policy in place does offer a level of assurance that, if the worst were to happen, you will be financially protected. However, because each policy is created on an individual basis. There are factors that you should consider when taking out a protection policy.

The Monthly Premium Cost

Obtaining and being accepted by an insurer for a Critical Illness Cover policy including the monthly cost of your premiums. Will depend on key factors including how healthy you are and the lifestyle that you lead.

Usually, the older we become and the susceptibility to illness increases, the higher the monthly premiums. This is due to most providers concluding that you will be more likely to make a claim. However, because many providers offer guaranteed premiums prices which means that your monthly premiums will remain the same. It is more beneficial to obtain protection when you are younger, fitter and healthier.

You Will Not Get Your Money Back If You Never Make A Claim

If you are fortunate enough to never need to claim against your policy for Critical Illness and outlive the term of your policy. It is important to remember that the money you have paid in monthly premiums is usually non-refundable and you will not be able to claim it back.

You Cannot Claim If You Stop Paying Your Premiums

If you are unable to continue monthly premium payments or choose to stop making your insurance payments. You will not be able claim against your policy. This also applies if you have paid for critical insurance cover for a substantial length of time. You will only be protected if you continually make monthly premium payments and adhere to the policy terms and conditions.

is critical Illness cover worth it for families?

Are There Alternative Products Available?

It may be the case that you decide that critical illness insurance is not necessary for you. It is important to note that there are alternatives that you could choose from:

Life insurance

Income Protection Insurance

Home Insurance Additional Products

By discussing the options available with an FCA regulated broker who can search all of the available policy options. At Life Insurance Cover we can help you to find out more about the alternative options that could be better suited to your circumstances.

Compare Protection Policies With Life Insurance Cover

Taking out any long term protection policy should always provide a safety net for the future of your family and peace of mind for you. It is also important to compare the market of providers, by using our free, no obligation quote service. We can help you find the right cover at the right monthly premium cost for your circumstances.

Our specialist team of advisors have years of experience and access all of the Insurance Providers in the UK. By searching all of the providers, Life Insurance Cover can will find the best policy available. Based on value for money and the range of cover available for you.

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Is Lego The Best Therapy? https://life-insurance-cover.co.uk/is-lego-the-best-therapy/ Fri, 06 Nov 2020 11:45:38 +0000 https://life-insurance-cover.co.uk/?p=2322 Could Lego Be The Best Mindfulness Therapy? Following on from our previous post during the initial lockdown, in which we looked at escapism as a method of mindfulness and therapy. Which many people still currently enjoy as Animal Crossing New Horizons is constantly coming up with new content. Today we take a look at a […]

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Could Lego Be The Best Mindfulness Therapy?

Following on from our previous post during the initial lockdown, in which we looked at escapism as a method of mindfulness and therapy. Which many people still currently enjoy as Animal Crossing New Horizons is constantly coming up with new content. Today we take a look at a construction toy that many children have grown up with through the decades.

You may have a favourite memory of rummaging around your Lego box trying to find the elusive brick to finish an 18 wheel lorry or mega house. For many adults at the time, it is more likely that the sound of Lego going into the hoover or standing on a brick remains in their mind.

Today We Look At:

How Lego Helps Children Across The World

Is Lego A Mindfulness Therapy For Grown Ups?

Is Lego Worth Collecting?

Life Insurance Cover Lego Build Challenge

Lego Therapy for children

How Lego Helps Children Across The World

Through the very simple design which has not changed since its patent in January 1958. The simple process of connecting interlocking bricks together to create endless possibilities. Has helped generations of children to understand the importance of play and interactions with others.

Over the last 10 years, Lego has been identified as a mindfulness therapy for many different groups of children. In the UK, a Lego based therapy group called Bricks for Autism has increased its therapies. Which were based on Dr Dan LeGoff, a Paediatric Neuropsychologist in the USA, previous therapy groups.

Through the therapy of play, Lego can help with social anxiety and encourage children to work together to create a completed project. Providing both a level of satisfaction for a job well done, as well as improving communication skills.

Lego Therapy for adults

Is Lego A Therapy For Grown Ups?

Over the past few years, Lego has been identified as a very useful therapy in helping adults reduce their anxiety and depression. One of the many reasons for this are the more advanced build kits created by Lego. With such a large variety of kits including Land rover Defenders, hyper cars and many detailed Star Wars kits.

The science behind it: With the more complex kits available, a higher level of concentration is required. Which like Sudoku or jigsaws, requires the problem solving part of the brain to engage, therefore reducing the cortisol levels. Which over time can help to reduce anxiety, depression and help to improve your mental health.

Although many of the complex kits are very expensive and you may think that you are unable to afford such a luxury during a lockdown situation. Unless you are an in box collector and refuse to open a kit. There are many kits available on auction sites, as well as special offers provided by many toy shops. It is also worth keeping an eye on Black Friday/ Cyber Monday deals as it is likely that you may find an affordable kit.

Is Lego Worth Collecting?

As with many hobbies and investments for the future, there is an increasing trend in people collecting Lego Kits for the future. The reason for the increased number of collectors is the value of Lego, an important tool for this is at brick economy. With so many adults now choosing to collect sought after kits and light kits to improve their displays. New websites like Brick Light Kits created by Lego enthusiasts will encourage more adults to return to Lego.

Life Insurance Cover Lego Build Challenge

At Life Insurance Cover we actively encourage physical and mental health wellbeing and mindfulness. With this in mind, we would like to challenge you to share a picture of a most recent kit build or a completed Lego build of your own design. There is no competition, but if we have enough photos received on the website or the social media channels. We will have a draw and the winner will receive a Lego kit.

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How Do I Find An Unclaimed Life Insurance Policy? https://life-insurance-cover.co.uk/how-to-find-out-if-someone-has-life-insurance-uk/ Tue, 03 Nov 2020 16:31:50 +0000 https://life-insurance-cover.co.uk/?p=2314 In the UK there are many families who have created legacies through investments, property, protection policies. For the future benefit of their loved ones. In today’s post we focus on how you may be able to find a lost policy a loved one purchased to benefit their family. Currently in the UK, in excess of […]

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In the UK there are many families who have created legacies through investments, property, protection policies. For the future benefit of their loved ones. In today’s post we focus on how you may be able to find a lost policy a loved one purchased to benefit their family. Currently in the UK, in excess of £2 Billion remains unclaimed.

A common theme in our posts at Life Insurance Cover is to make sure that if you put a policy in place for the future, is to tell your family about it. One of the many reasons why Life Insurance policies go unclaimed is due to a policyholder forgetting about the policy. The most common reason for a policy remaining unclaimed is when a policyholder does not tell family members about its existence.

Because family and loved ones are not told. It often leaves policy beneficiaries left questioning whether or not they may have had Life Insurance protection in place. Maybe a parent, other family member or an ex-spouse who you have lost contact through the years held a Life Insurance policy you didn’t know about?

Turning a negative situation into a positive.. Is that YES it is possible to identify if a family member or a loved one had a Life Insurance policy. Another benefit is how easy the process can be to find an unclaimed Life Insurance policy. It will need a little detective work from you to find the right insurer.

In Today’s Guide:

Can I Find Lost Life Insurance Policies For Free?

How Do You Find Unclaimed Life Insurance Policies?

What Happens To Unclaimed Life Insurance Policies?

Do Life Insurers Contact Named Beneficiaries?

Do You Have A Life Insurance Policy?

Unclaimed Life Insurance 2

Can I Find Lost Life Insurance Policies For Free?

You may be wondering, how do you I find the life insurance policy of a deceased person?

By following a few simple steps in your search to potentially find a policy. Which are free to check and usually identify whether or not your loved one had Life Insurance Cover include:

Check Bank Statements: If you or a family member are dealing with the probate of an estate of a loved one. You might be able to identify any regular payments to an insurer. It is worth checking any bank statements for the previous 12 months. In some circumstances a premium can be paid annually.

Previous Employment: Contact the policyholder’s previous employer to find out if they had any Life Protection as an employee. Including a death in service benefit provided through their role.

Check Other Documents: Take the time to look at where other important documents were kept. Which may include a will, title deed and other insurance certificates. Many people choose to store these together and you may find any important Life Insurance documentation

How Do You Find Unclaimed Life Insurance Policies?

If all of the above free methods of finding a lost Life Insurance policy have failed, do not stop your search. The Unclaimed Assets Register, should be your next method of continuing your search. For a fee of £25 they complete a search on the register. For any unclaimed policies in your loved ones name. Or if you prefer to call them directly, you can call them on 0333 000 0182.

You will be asked to provide the personal details for the person that they are searching for. Also they will ask you to provide proof that you are a confirmed beneficiary for a claim payment. It is also worth noting that the personal details of a policyholder of any whole of life policies. Will not be added to the register until the persons 100th birthday. Because of this it could be worthwhile calculating the approximate date to conduct a second search at a later date. All Term Based Life Insurance policies should show on the register relatively quickly.

Has Someone Taken A Life Insurance Policy Out On You?

As detailed in our Can I Insure My Parents guide, it is very unlikely that someone would be able to take out a Life Insurance policy on you without your consent or you knowing. When choosing to arrange a Life Insurance policy on someone else’s behalf. Not only need the consent of the person, but usually requires detailed medical information directly from the policyholder.

In the very a rare occasion that someone has managed to obtain Life Insurance. On your behalf without your consent is considered to be Life Insurance fraud. Subsequently when a claim is made, a claim payment will be denied.

Should I Also Search Mutuals and Friendly Societies?

The very simple answer is a resounding Yes, because of the many different ways people protected themselves in the past. Mutuals and friendly societies were providing different forms of protection predating what is currently known as Life Insurance. An older loved one may had a savings product which offered low premiums through a Society or Mutual.

If you believe that a family member may have previously purchased protection through a Society or Mutual. You could find all the required details on the Association of Financial Mutuals website.

What Happens To Unclaimed Life Insurance Policies?

A key point to bear in mind is that there is no time limit to making a claim against a Life Insurance policy. This means that if a family member or loved one passed away many years ago. A successful claim can still be made from the insurer. The amount you would receive from a claim on a policy would remain fixed. To the same amount that a loved purchased the policy for. Which means that if a family member or loved one purchased a policy for £20,000, you will receive the full claim payment amount.

The only exception to the amount you receive relates to a whole of life policy. If a policyholder passes away prior to their 100th birthday and the insurance provider is not informed. They are entitled to deduct any unpaid monthly/annual premiums from the sum assured until the individuals 100th birthday.

Unclaimed Life Insurance 3

Do Life Insurers Contact Named Beneficiaries?

Over the past few years, the Life Insurance industry has been heavily criticised. Because they did not make enough effort to find and ensure that policy beneficiaries are being found and informed about protection policies. Because of the criticism, many Life Insurance providers now have dedicated departments to help beneficiaries. These specialist teams search the death register regularly to identify any potential policyholders who have passed away. Also notifying the beneficiaries of the protection policies existence.

After You Have Found The Correct Insurer

Once you have completed your search for a loved one’s Life Insurance policy. Contact the insurer directly, providing them with the policy number and any other information you have. A full list of Association of British Insurers (ABI) members, complete with their contact details.

Do You Have A Life Insurance Policy?

If you currently have a Life Insurance policy or maybe looking to protect yourself shortly. Please make sure that your family, loved ones or even your solicitor are aware of the protection policy. If your personal circumstances change during the policy term, keep the beneficiary details up to date. This will make sure that your beneficiaries will not have to search for the safety net that have selflessly provided for the future.

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Best Critical Illness Cover https://life-insurance-cover.co.uk/best-critical-illness-cover/ Mon, 02 Nov 2020 14:04:52 +0000 https://life-insurance-cover.co.uk/?p=2305 What is the Best Critical Illness Cover Available in the UK? With all annual household insurance policies including car, home and pet insurance it is normal to search and compare polices. Making sure that each policy is cost effective, offering value for money whilst still offering the protection we need. For some people that might […]

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What is the Best Critical Illness Cover Available in the UK?

With all annual household insurance policies including car, home and pet insurance it is normal to search and compare polices. Making sure that each policy is cost effective, offering value for money whilst still offering the protection we need. For some people that might mean the cheapest policy is the best but for many others the level, and type, of protection provided is most important.

The same methods also apply to other longer term insurances including our family protection needs.

In today’s guide we take a look at what the best critical illness insurance policies should look like. Including how to compare the best critical illness cover policies available across the UK:

How Can I Compare Critical Illness Policies?

Who Has The Best Critical Illness Cover?

How Life Insurance Cover Can Help You

Best Critical Illness Cover

How Can I Compare Critical Illness Policies?

Before you decide to buy a policy, it is very important to compare all of the different critical illness cover providers across the entire insurance market. By doing so will ensure that you get the best policy possible for your individual circumstances. Another key point to remember is that similar to car, home and pet insurance, the cheapest premium will not necessarily suit your individual circumstances or represent value for money in terms of the level of cover it provides.

The Key Factors for A Policy Should Include:

Which specific illnesses are covered by the policy?

What Type Of Cover Do You Need?

Which Specific Illnesses Are Covered By The Policy?

When starting a comparison of all the critical illness insurance policies available in the UK. The biggest factor is the wide variety of serious illnesses and conditions covered by all of the different providers.

It is also worth remembering during a search for a protection policy that’s its main purpose is to provide you with a financial safety net. A policy will protect you in the event of a diagnosis of a critical illness or a potential serious disability. The more inclusive policies that offer a wider range of specific conditions than others will provide you with a greater peace of mind.

Almost all of the UK providers will offer protection to cover common illnesses including heart attacks, strokes and cancer. However, each provider has different scales of coverage and some levels of severity may not be are covered.

Attempting to compare every type of critical Illness policy can be a very hard task to complete on your own. By using an FCA regulated broker, like Life Insurance Cover who has access to all of the UK providers. Will make searching and comparing policies much easier for you, our team of experienced advisors will help you find the right level of cover for you and your family. Our team have an in-depth understanding of each critical illness insurance provider and can help you with a comparison of all the policies available.

What Type Of Cover Do You Need?

Within the UK, there are a many different types of critical illness cover available. Which can make it very hard to compare each and every policy from all the different providers. Not all of the policy types will suit the exact requirements for your individual circumstances.

You Could be Looking for:

Decreasing Term Critical Illness Cover: This policy type would best suit a repayment mortgages because the debt reduces during the loan term. A decreasing term critical illness plan would be the most appropriate, as the cover decreases in line with the mortgage.

Level Term Critical Illness Cover: If you have an interest only mortgage, where the debt remains constant, then a level term policy would be a potentially better solution.

Standalone Critical Illness Cover: This cover type is specifically designed to only offer protection for Critical Illness. Alternatives can include a combined Life Insurance with Critical Illness Cover which will offer two levels of protection. A Standalone policy would be more expensive but will offer more protection. A combined policy would only pay out upon either a diagnosis of a qualifying illness or you passing away.

As you can see, there is not a single all covering policy type that covers every person’s individual need under all circumstances. Therefore, it is extremely important to search and compare all of the possible policies. A good critical illness policy will provide the right level of cover and protection for the future for you and your family.

Which Providers Offer The Best Critical Illness Cover?

The best critical illness cover providers vary from each person’s individual needs. This is because each provider uses a different method to calculate their policies and monthly premiums. Each provider maintains a comprehensive range of protection policies for new and existing customers.

The great news is that there are many great insurers who do offer the right level of protection for you. One way to find a suitable provider could be to search on various websites and look for critical illness cover comparison tables. They will illustrate which provider is offering the most favourable premium rates for the level of cover you need. An important thing to remember is that this involve a lot of work for you. Also worth noting is that without specialist to help, you could miss out on the right policy for you and your family.

Why Comparison Charts Fall Short

Whilst doing the research yourself can be a worthwhile exercise in finding and understanding how Critical illness Cover works. A cover comparison chart will only focus on the monthly premium costs. But it may not show the different types of illnesses and conditions each insurance protects for.

If you have already started your search for a critical illness insurance policy and want to ensure it covers certain illnesses and conditions. Rather than using a comparison table, why not use the skill and expertise of an FCA regulated Insurance Broker. At Life Insurance Cover, we have helped people to find the best policy at the right monthly premium for them.

As an FCA regulated broker, we can help you find the best critical illness insurance policy for the type and level of cover you need and we search all of the providers of critical illness cover in the UK. We can speed up the process of searching, comparing and finding the best policy for you.

Life Insurance Cover Can Help You Find The Best Policy

If you’re interested in critical illness insurance policy and would like to use our free no obligation quote and compare service, simply complete the quick and easy quote form. Our Team of experts can find the best insurance policy and provider for you and your family.

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Critical Illness Cover Diabetes https://life-insurance-cover.co.uk/critical-illness-cover-diabetes/ Fri, 30 Oct 2020 10:28:05 +0000 https://life-insurance-cover.co.uk/?p=2302 Critical Illness Cover for Diabetes You may have been previously or recently diagnosed with Diabetes. Or have a family history and want to safeguard against a potential diagnosis in the future. As with many ongoing medical conditions it can be very hard to come to terms with, let alone manage the day to day treatment. […]

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Critical Illness Cover for Diabetes

You may have been previously or recently diagnosed with Diabetes. Or have a family history and want to safeguard against a potential diagnosis in the future. As with many ongoing medical conditions it can be very hard to come to terms with, let alone manage the day to day treatment. Diabetes sufferers are more susceptible to a range of long term critical conditions. Which can significantly impact their ability to work. Many newly diagnosed or people with a family history of Diabetes purchase Critical Illness Cover to protect their long term financial stability.

Over the last ten years many of the Insurance providers in the UK have been improving and updating protection products. They have also increased the flexibility of protection options available for Critical Illness Cover. The positive news for the future is that whatever you’re individual medical diagnosis or a family history. A little planning for the future will help you and your family.

In today’s guide we take a look at:

Will Critical Illness Insurance Cover Diabetes?

How Can I Get Critical Illness Cover For Diabetes?

Critical Illness Cover For Type 1 Diabetes

Can I Get Critical Illness Cover For A Child With Type 1 Diabetes?

Can I Get Critical Illness Cover For Type 2 Diabetes?

Critical Illness Cover for Diabetes

Will Critical Illness Insurance Cover Diabetes?

If you would like to get long term protection cover for a potential loss of income due to a diagnosis of Diabetes as a Critical Illness. There are several UK based providers. Who will offer cover for many conditions as part of standard Critical Illness Cover Insurance Policy. For people who have been diagnosed with Diabetes. There will be some health-related factors that will impact your ability to get cost effective Critical Illness protection, which includes:

  • If you are a smoker
  • Your current HbA1c levels
  • Lifestyle including overall health
  • Your BMI score
  • Any complications due to your Diabetes

If you have been identified as diabetic or recently diagnosed. It is likely that you will have to pay a slightly higher premium than people without Diabetes. However, there are many good options for protection cover available. By using an FCA regulated, like Life Insurance Cover who are able to search all of the providers for Critical Illness Cover. By using an Insurance Broker, you are able to search and compare all policies available to find the best cost effective cover for you.

Critical Illness Cover for diabetics

How Can I Get Critical Illness Cover For Diabetes?

The best way to get a Critical Illness Cover policy for diabetics in the UK is to do a complete search of all the insurance providers to find the best premium rate and policy.  Each provider will have different policy terms and the potential amount of cover you can obtain will also vary from one provider to the next.

This is where Life Insurance Cover can help you in your search. Instead of trying to compare all of the different providers. Why not take advantage of our experienced team who can do a complete search in moments rather than days. By using our free no obligation quote and our advisors expertise. We can help you to protect yourself and loved ones. As a Life Insurance Broker, we are able to search all of the providers in the UK including specialist Insurers for you.

Critical Illness Cover For Type 1 Diabetes

Type 1 Diabetes, or insulin reliant Diabetes, is covered by many different Critical Illness Cover insurers. The following providers do offer plan variations for people with type 1 Diabetes for both adults and children:

AIG

Legal & General

Scottish Widows

Zurich

The Exeter

The above list is not exhaustive but a handful of the most popular Critical Illness Cover providers. It is worth noting that because each person’s application is different. There is not a guarantee any of the above providers will be the best provider for you.

Also, you may think about approaching one of them directly. Which could mean that you will only have access to their offers. Meaning you may miss out on a better policy elsewhere that could better fit your requirements.

Bearing these things in mind, the easiest way to find the right Critical Illness Cover for Diabetes is to apply through a broker who can search the whole market. At Life Insurance Cover we have access to every insurer in the market. So you can be reassured that we can find best policy for you and your loved ones.

Can I Get Critical Illness Cover For A Child With Type 1 Diabetes?

The peak years for a child to be diagnosed with type 1 Diabetes ranges between the ages of 10 to 14 years old. Therefore you may decide to include them onto your policy prior to a diagnosis. Which will protect them in the future. By adding Diabetes Insurance cover for your child, some providers will add them at no cost. While a few may add a small additional premium. It is worth noting that some providers may advise that you are unable to add a child to your policy if you already have Diabetes diagnosis. However, with the help of a whole of market broker, they can find the protection for you and your children.

By making a free no obligation enquiry through Life Insurance Cover we can help you find the right cover for you and within your budget.

Can I Get Critical Illness Cover For Type 2 Diabetes?

Type 2 Diabetes is becoming the most common diagnosis due to almost 95% of adults who are diagnosed being defined as Type 2 Diabetic. Because more people receive a Type 2 diagnosis. It can make it easier to get Critical Illness Cover when compared to Type 1 Diabetes. However, the amount of protection cover you can take out and the monthly premiums you pay will depend on your individual situation and health.

If you are looking for Type 2 diabetes Protection cover for Critical Illness. It is very important to carefully research all of the insurers. Including which providers insure against Type 2 diabetes and compare their policies. However, as mentioned above this can be very time consuming and a complex process. Another point to note is trying to avoid making mistakes on your application for protection as detailed within the guide.

Compare Critical Illness Cover With Life Insurance Cover

Any short term or longer term loss of income due to a long term condition can have many serious consequences. Especially if you have a family or a mortgage which is reliant on your income. If you have been diagnosed with Diabetes or could be at risk due to your family medical history. Comparing Critical Illness policies cover could be vital to protecting your family and the future. By using a whole of market broker, like Life Insurance Cover. Can ensure you get the best policy and monthly premium rates for your individual situation.

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Impaired Life Insurance https://life-insurance-cover.co.uk/impaired-life-insurance/ Thu, 22 Oct 2020 10:36:40 +0000 https://life-insurance-cover.co.uk/?p=2232 What is Impaired Life Insurance? The likelihood of many people being aware of the term impaired life, or impaired risk is quite low. However, it impacts more protection policy applications than you may think. But what does this term mean? More importantly, if your application for Life Cover classified as impaired. You will want to […]

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What is Impaired Life Insurance?

The likelihood of many people being aware of the term impaired life, or impaired risk is quite low. However, it impacts more protection policy applications than you may think. But what does this term mean?

More importantly, if your application for Life Cover classified as impaired. You will want to find out how it will potentially impact your ability to securing affordable Life Insurance protection. The term Impaired risk refers to an individual who does not meet the standard criteria set by each insurer. Which will mean a slight variation in the monthly premium amount available.

Being advised that your policy could be defined as an impaired risk. Does not mean that you can’t get affordable Life Cover. At Life Insurance Cover, our specialist team of advisors can help you to find the best Life Insurance for you and your family.

In today’s guide:

We take a look at how you could be classed as an impaired risk. Including how it can affect your Life Insurance.

Impaired Risk Life Insurance

Impaired life Insurance Providers

Will This Mean You Can’t Get Life Insurance?

How Does Being Impaired Impact Your Policy?

How Are You An Impaired Risk?

Exeter Life Insurance

Use A Broker To Compare Quotes & Secure The Right Policy

Impaired Risk Life Insurance

If your application for a protection policy has been defined as impaired, the insurer has decided that because of rating factors which are often health related. Which could mean that you could be more likely to make a claim against a policy. Because you have being deemed a higher risk to the insurer, your premiums will be more expensive when compared with a standard policy.

Not all insurers will rate impairments in the same way and it is essential to compare quotes from all the providers to secure the best deal for you and your loved ones.

Once you have chosen the right level of protection, whilst you may be paying slightly more than a standard policy. The terms of the cover will remain the same for the length of the policy and will not differ from a standard application.

Impaired life Insurance Providers

Over the last 10 years, all Life Insurance providers have become better at understanding the individual needs of impaired applicants. Because of the increased understanding of medical conditions, not only do many specialist insurers exist. But many of the mainstream insurers are also now accepting higher risk applicants.

At Life Insurance Cover, we work with all of the UK Life Insurance companies, which includes impaired specialist providers like The Exeter, to help you to find the best quote for you.

Our team are trained to understand each person’s individual circumstances. Helping you to find a policy to protect the future. Because our team has many years of experience in finding the best protection possible. They are able to find cover for people who may have struggled to find Life Cover previously.

Will This Mean You Can’t Get Life Insurance?

Not at all, there are a small percentage of applications who will be declined for protection due to the severity of their impairment. The vast majority of people who have been defined as impaired have been protected by Life Cover. By having an impairment does not mean that you are uninsurable.

Because of the ongoing improvements in the Life Insurance market it is becoming more accommodating every year. Which includes improved policies and the protection for people with different types of circumstances. Some providers now have specialist schemes for providing impaired life policies. Being defined as having an impaired policy or quote does not mean that you cannot get adequate protection.

It will mean that you will need to either do some searching to find and compare quotes in order to find the best policy for you. Or you could choose to use an FCA regulated broker, like Life Insurance Cover. We can do all of the searching for you, at no cost to you.

How Does Being Impaired Impact Your Policy?

Of the many policies provided by Life Insurance Cover, we have found that the largest impact to an impaired policy is the monthly premium cost. Another key point to remember which could impact your policy is further information may be required relating to your health and lifestyle.

In some applications for protection, you may be asked to attend a brief medical exam, this is a standard practice to confirm your current health. Many insurers request information about your health, lifestyle and family medical history. This is to make sure that an insurer is able to offer the best protection possible to you.

How Are You An Impaired Risk?

There are a wide variety of reasons why each insurer may choose to deem an individual as an impaired risk for Life Cover. Each insurers standard cover requirements are different to each other, so it is important to understand the four main areas for impairment.

The four key areas include:

Medical Condition

This is the largest group for impairment policies, this is because as we all grow older the likelihood of a long term medical condition increases. If you have an ongoing condition prior to applying for Life Insurance. It may be considered as a pre-existing medical condition. An insurer will ask for further medical information to confirm if your condition impacts your life expectancy or your ability to work.

As detailed within our recent post for people having family history of health problems, drinking, smokers or the clinically obese will also potentially be placed into the impaired policy category.

Depending on the potential severity of a condition could mean an increase in your monthly premiums or the need for a specialist policy.

Common Impaired Conditions Include:

breast cancer insurance
Cancer
Heart Attack Life Insurance 2
Heart Attack
Epilepsy Life Insurance
Epilepsy
Gestational Diabetes Life Insurance
Diabetes
Bi-Polar Life insurance
Mental Health
Multiple Sclerosis life insurance
Multiple Sclerosis
crohns disease life insurance
Crohn’s Disease
Stroke life insurance 2
Stroke
Obesity life insurance
Obesity

Dangerous Job Types

During the application process for Life Cover, you will be asked what your occupation is. People who work in a job where there’s a significant risk of death and/or serious injury. Are likely to be deemed to be impaired.

These occupations include the armed forces, people who work at height, as well as those that handle heavy machinery.

Most Common Impaired Jobs Include:

  • Armed services
  • Police service
  • Fire service
  • Offshore workers
  • Fishermen
  • Stuntman
  • Prison officer
  • Security guard
  • Airline pilot
  • HGV driver

If you are self-employed, you will be deemed as financially vulnerable even if your job type is low risk. This is due to the level of protection offered by employers including death in service, company pension, health care or sick pay.

Professional Sports People

Some professional sports are deemed as potentially high risk. which can mean that individuals that choose to participate will be deemed to be impaired.

Some sports are deemed to be dangerous and where there is statistically a greater chance of serious injury or death include:

  • Equestrian sports
  • Motorsport
  • Rugby
  • Watersports
  • Boxing
  • Cycling
impaired life cover dangerous hobbies

Dangerous Hobbies, Pastimes, Extreme Sports

Even if you choose not to play a sport professionally, your lifestyle choices can impact your Life Insurance. If you regularly choose to enjoy a dangerous hobby or extreme sport, such as snowboarding, it’ is extremely likely to increase the cost of your monthly premiums.

Most Common Impaired Hobbies Include:

  • Skydiving
  • Parachuting
  • Scuba diving
  • Snowboarding
  • Rock climbing
  • Gliding
  • Motorsports
  • Bungee jumping
Impaired life cover from The Exeter

Exeter Life Insurance

The Exeter Insurance company offer life cover specifically designed for people who have chronic or serious medical conditions. Who may find it difficult to secure standard cover with other insurers.

Due to their unique underwriting process and understanding of individuals circumstances. They are able to provide impaired applicants with a greater chance of obtaining affordable Life Insurance.

The Exeter Have Two Different Types Of Policy:

Manage Life

This policy type is for people with a high BMI, or for people who have been diagnosed with Type 2 Diabetes.

The Exeter Manage Life policy can have reduced monthly premiums by losing weight and achieving goals set by the insurer.

Also this policy type will work exactly the same as a standard policy. Which makes a claim payment to your family and loved ones after you pass away.

Real Life

Designed for people who have ongoing or a serious medical condition, such as Diabetes (type 1 and 2), stroke, HIV and heart attack and many others.

This policy type is available as a Level or Decreasing term based Life Cover. It also follows the standard procedure of making a claim payment to your loved ones after you pass away.

You’re unable to apply directly for Exeter Life Insurance, so get in touch with our team at Life Insurance Cover today for your individual quote.

Use A Broker To Compare Quotes & Secure The Right Policy

This is the ideal scenario in which to use our fee-free, no-obligation broker service at Life Insurance Cover. Allow us to search the market on your behalf, finding you the best possible policy quotes, to compare. Remember, many comparison websites don’t show you the whole wide range of insurers available. Our service is regulated by the Financial Conduct Authority (FCA).

Read our in-depth article on 10 reasons to use a Life Insurance Broker and how it can benefit you.

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Will My Family History Impact My Life Insurance? https://life-insurance-cover.co.uk/will-my-family-history-impact-my-life-insurance/ Tue, 20 Oct 2020 14:09:25 +0000 https://life-insurance-cover.co.uk/?p=2226 As covered in our previous guides Life Insurance premiums are made up of risk factors including family history. Which allows an insurer to calculate the best Life Insurance deal for you, which will give value to both the policyholder and insurer. The Life Cover provider will need to find out as much about the individual […]

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As covered in our previous guides Life Insurance premiums are made up of risk factors including family history. Which allows an insurer to calculate the best Life Insurance deal for you, which will give value to both the policyholder and insurer. The Life Cover provider will need to find out as much about the individual as possible. This information is used to work out the potential risk to the insurer for the future.

Part of these questions include lifestyle, job type, smoker status, alcohol consumption. The basis of today’s guide, your family’s medical history. Although it may seem unfair to take your family history into account. It will allow an insurer to have a small potential glimpse into the future as your family are the closest to you genetically. Unfortunately it is statistically true that a family history of illness can mean that you are more likely to become ill yourself.

In Today’s Guide:

Why Does My Family History Affect My Life Insurance Policy?

What Happens If I Do Not Disclose All Of My Family Medical History?

Will Medical Conditions Impact Premiums?

All Life Insurance Companies Are Completely Different

family history

Why Does My Family History Affect My Life Insurance Policy?

As with many different types of illness including some critical illnesses, they can be inherited throughout a family’s genes. These illnesses include Kidney Disease, breast cancer, and different forms of diabetes. By identifying if there is a pattern in a family’s medical history. Will help give insurers a greater understanding of the potential likelihood of them having to a claim payment to your family.

Because Family Medical History is one of the risk factors in working out Life Insurance acceptability. It can be defined as, the larger the risk that you potentially pose in the future. Will mean the more you will have to pay in monthly premiums to an insurer.

A family’s medical history is just one part of the calculation process as mentioned above. Also taken into consideration are your age, occupation and lifestyle choices. Which are taken into account as part of an application for Protection Insurance. It is worth noting that if there is a history of illnesses in your family. It does not mean that you will be unable to get cheaper Life Insurance quote and policy. When you decide to take out a Life Insurance policy when you are young, fit and have a healthy lifestyle. You will still be able to get cost effective Life Cover for the future.

What Happens If I Do Not Disclose All Of My Family History?

When you decide to start comparing and subsequently buy a Life Insurance policy. You will be asked a few very important questions. This allows an insurer to calculate your monthly premiums and your personal risk to them. Because there is no policy for all, instead each policy is based on the individual it may be tempting to withhold some information. If you choose to not tell them about whether you may have a history of illness in your family. Which you may think will get you cheaper premiums on your policy. It is important to note that by withholding information relating to your health or family history can be detrimental to your policy protecting you.

By not declaring your full medical history could give an insurer grounds to cancel your Insurance. Or at worst a claim against the policy, if you are found to have provided false information. This could mean that not only would your family and loved ones potentially receive no claim payment. But would also mean a lot of wasted money on monthly premiums.

It is very important that when choosing to buy a Life Insurance policy. That you provide all of the information requested. As accurately as you possibly can to a potential insurer to ensure that your protection policy looks after you and your family.

Will Medical Conditions Impact Premiums?

Because your family history is a part of the process that goes into deciding how much you will pay in monthly premiums, it can have quite an impact on how much you pay. If your family has not been impacted with ongoing medical problems, the likelihood of higher premiums is quite low. However, if your family has a history of illnesses and you may have some health conditions yourself. You will find that your Life Insurance quote might be a little bit more expensive.

At Life Insurance Cover, we have created a page titled A to Z of medical conditions. Which details many but not all of the potential conditions an insurer will provide protection for. If you have ongoing medical issues or a family history of illness. You may find that an insurer may add a little more to the monthly cost of your policy. Or in certain circumstances they may even refuse to offer a policy to you. This is one of the key reasons to use an FCA regulated broker like Life Insurance Cover. As we search all of the UK for Life Insurance companies for you. By using a broker who has access to all of the insurers, we can search all of the leading providers and ones that specialise in medical conditions.

All Life Insurers Are Completely Different

It is worth noting that all of the Insurance companies are completely different. In the way they calculate a monthly premium and the many different policy types they offer. All Life Insurance providers also take different views on the medical history of your family. Each provider has its own set of conditions (underwriting criteria) which they will put people into different categories. Deeming them to be high risk, medium risk and low risk.

Therefore, rather than searching all of the Life Insurance providers yourself. Which could mean that you receive a very expensive monthly cost for your Life Insurance. It is a good idea to compare different policy types to get the best life insurance deal for you and your family.

The best way to do this is to compare policies with Life Insurance Cover. To start a quote only takes a few minutes and all you have to do is fill in some information on our quote form. Including your age, employment status and lifestyle choices.

Being able to compare all of the multiple Insurers. Is the one of the best ways to make sure that you get the best Life Cover available for you and your family.

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