FAQs?
What’s the difference between Level and Decreasing terms?
The two types of life insurance policies are Level term and Decreasing terms. Level term insurance policies will pay out a lump sum if you die within the period of time detailed on your policy. Decreasing terms function is to cover a repayment mortgage so the pay out will decrease over time, e.g. if a client has a £200,000 mortgage over a 25 year period the cover will decrease over time and simply pay off the mortgage if anything happens.
Do I need life insurance?
Life insurance is not a legal requirement in the UK, however it is a safeguard for your family in the event that you die. It is intended to provide financial support to your family and loved ones in the event of you dying unexpectadly.
A life insurance policy is effectively an investment, you are buying a sum of money that will be paid out when you die.
If you are not insured then any existing debts such as mortgages, will be left for your family to struggle along with without you. protectionadvice.co.uk will provide you with an insurance that will protect your family when you are not around to do so.
What does life assurance mean?
Life insurance is often known as life assurance because death is an inevitability for all of us. Everyone will die someday, life insurance is about protecting yourself from something that might happen to you. Life assurance is about protecting yourself from something that we known will happen.
How much will it cost?
The cost of cover will depend on your the current state of your health, and it is important to be completely truthful with protectionadvice.co.uk when purchasing your policy to ensure that your policy is valid. If you are over a certain age, smoke or are overweight you will pay a higher premium because you are considered a higher risk.
The best way to keep costs down is to purchase life insurance at a young age, the younger and healthier you are the cheaper your premium will be.
We will ensure you get the best price and package available to protect your home, and has the right policy for you.
Is risk important?
Like any type of insurance, life insurance is based on the level of risk the insurer faces in having to pay out on the policy. This means that is you suffer from any pre-existing medical conditions or are over a certain age, overweight, or smoke you will face a higher premium than people considered healthier.
How can I keep the price down?
There are a number of things insurers take into account when pricing your policy, shopping around for the best quote is a top tip for keeping your policy as cheap as possible, this will also mean you can compare packages available to you using protectionadvice.co.uk free search engine.
Quitting smoking, or losing weight if you’re overweight will help to keep the costs of your policy down, having a healthy lifestyle will mean your policy will be more reasonably priced.
The best way to keep life insurance cheap if to buy your policy as soon as you can afford it, the younger you are, the lower risk your insurer will consider you and the cheaper policy you will be offered.