Get your free no obligation Life Insurance review today, Bernard Scott offer a totally independent review and look across the whole market to get the best possible deal for you and your family.
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Bernard Scott’s promise -
We work with the UK's top Insurers to get you the best possible deal -We will save you time and money -Best market advice - we are not limited in terms of the products we can advise on, this means we can search the entire market on your behalf to get you the best deals available to you. Even better still, if we cannot beat your current insurance premium or improve your level of cover we will advise you to stay with your current insurer.
Life Insurance which is also known as term assurance or Life Assurance is a great way to protect your loved ones once you're gone
Have you thought how they will continue to pay universality fees, household bills and credit commitments if you are no longer around? Life Insurance could be the answer. There are lots of insurance companies and even more policies on the market, therefore choosing the right policy for your needs is especially important
Bernard Scott works in conjunction with Life Cover UK who can search the whole of the market to ensure you receive the best quotation for your requirements.
Understanding Life Insurance - The Important Facts
1. Level Term Assurance
This policy does exactly what it states. This policy guarantees a payout upon your death within a fixed time frame, for example £100,000 (Level Cover) over 20 years (term).
The payout on this policy does not vary; it always pays out a level amount regardless of when you die during the term. It is also worth noting that this policy only pays out on death or terminal illness.
2. Two Singles policies or a joint policy
When purchasing life insurance you can get either a single policy or a joint policy if you are applying with a partner. Joint policies may be slightly cheaper; however they will only make one payout. There are obviously benefits and disadvantages to both policies, a few of which we have listed below;
Benefits of two single policies
- If you split with your partner there would be no need to purchase a new policy
- You can receive a payout upon the death of the insured party, rather than the first death. So you can get two payouts rather than just one with a joint policy
Disadvantages of two single policies
- Two single policies are often more expensive than a single joint policy
- If you are married without children there will be no requirement for a second payment
Benefits of two single policies
- A joint policy is usually cheaper than two single policies
- If you separate from your partner you would more than likely cancel the policy and obtain separate cover
3. The better your health the cheaper the cover
Life insurance costs increase dependent on your health, age, occupation and whether you smoke or not. A 78 year old smoker who has a history of serious illness is likely to pay a higher premium than a 23 year old that does not smoke and is generally fit and well.
DISCLOSE ALL PAST AND PRESENT CONDITIONS
When it comes to medical conditions each insurer has their own qualification criteria, however it is always advisable to disclose all pre existing and past illnesses to prevent an insurer failing to pay out. In 2016 the law is changing to prevent insurers being able to unfairly reject a customer’s claim if they have failed to provide information for a part of their policy that is irrelevant to their claim.
4. Write your policy into trust
If you die, life insurance will form part of your estate, which could result in a lengthy payout as well as the policy being subject to inheritance tax. This could be avoided by having your policy written into trust. By writing the policy into trust it prevents it from becoming part of the estate and can drastically reduce the amount of time it takes to receive a payout.
This can be done yourself by requesting the paperwork from your insurer or through ourselves. Bernard Scott work in partnership with Life cover UK who write all their life insurance policies into trust free of charge.
5. Changing insurers could save you money
There is never a guarantee that switching insurers will save you money but it is always sensible to review your policies on a regular basis.
Undertaking a review is simple and only takes around five minutes of your time. If the new quotation is cheaper than your existing policy then it is very simple to undertake a new policy. However if the policy cannot be beaten you will always be advised not to change.
Contact Bernard Scott Today on 0800 138 8200 or 01942 405090 if calling from a mobile