Life Insurance

Life Insurance is a policy whereby the insurer agrees to pay a sum of money upon the policy owner’s death.  It pays your family or beneficiary either a lump sum or series of smaller sums in the event of your death.

How much cover do I need?
The first thing to consider when buying Life Insurance is how much cover you will need, and for what purpose.

Reasons for arranging cover include;

• Mortgage repayments
• Replacing a salary
• To pay for childcare costs
• To cover Education expenses
• To clear any outstanding debts
• To pay funeral expenses or outstanding medical costs

To calculate your level of cover, it’s worthwhile speaking to a professional financial advisor who will analyse your circumstances and recommend the right amount for you.

The application process
For some, the application for Life Insurance could be as simple as filling out a few forms.  For others, the application will be more lengthy and assessments may be required to check their health and medical records.

Tell the truth
It’s important to tell the insurer the whole truth [and nothing but the truth!] about your health and any conditions you may suffer from.  Failure to disclose information could result in your Life Insurance policy being null and void upon your death.

How is a claim made?
On the death of the policyholder, the beneficiary of the Life Insurance policy will be asked to submit a claim, along with the death certificate and proof of policy.