Life Insurance Products
Unfortunately we never live to see the benefit of life insurance policies. Against this there is great comfort in knowing that you have taken the time to provide for your dependants.
Life insurance is an unselfish product. If we dont care we don’t provide and the opposite is equally true.
As our on line calculator Life insurance is also surprisingly good value at the early stages of our lives. Over the years life insurance seemed to get a name as an unnecessary product that was pushed on people by agressive salespeople.
In our opinion being adequately protected just makes common sense.
During the course of our business we receive letters from life companies advising us that a policy has been paid out. Our sense of sadness is mitigated by the knowledge that we had apart to play in looking after the needs of the deceased person’s dependants.
Our consultants are here to help and advise you.
The principal products and product options
are as follows:
1. Mortgage protection
2. Term insurance
3. Critical illness
The matters you need to decide on are:
1. The policy term
2. The level of cover required
3. Whether you want the products to be index linked
4. Whether you want an option to review in the future without additional medical information (convertible option)
5. Whether the policy pays out on the death of the first party in the case of a two person policy or wherther the policy pays out on both parties
Things to watch out for:
- Is the policy level or convertible term? Convertible gives you the right to take cover again without evidence of health. It is useful if your health was to deteriorate and you couldn’t get cover at the end of the term
- Is the policy a dual or joint life? A dual-life policy pays on both lives if both partners were to die and costs very little extra
- Does the policy require a trust document? This is to ensure benefits go to the right people
- Have you made a will?