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What is life insurance?

What is life insurance?

What is life insurance?

Life Assurance companies issue life insurance policies. All these policies pay out either a lump sum or a series of payments if you die during the time period covered by the policy. These payments are normally paid without tax being deducted and for most people they are tax-free.

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What information will I be asked for when buying Life Insurance?

What information will I be asked for when buying Life Insurance?

What information will I be asked for when buying Life Insurance?

If you ask us to quote for your business, our initial quote assumes that you are in reasonable health for your age. (These are known as ‘Standard Terms’.) If you like our quote and want to proceed, you will then have to complete an application form from the chosen life insurance company. This application form will ask for information about your health. This is because the life insurance company needs to assess whether you are an acceptable risk.

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Is it possible to have a joint policy?

Is it possible to have a joint policy?

Is it possible to have a joint policy?

 

The simple answer to this question is Yes. Policies that cover two people are known as ‘Joint Life Policies’.

There are two types of ‘Joint Life Policies’.

Policies that immediately pay out if EITHER of you were to die whilst insured, are called ‘Joint Life First Death Policies’. If you are insuring for Mortgage Protection purposes, then this is probably the type of insurance you will select.

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What type of Life Insurance do I need to protect my mortgage?

What type of Life Insurance do I need to protect my mortgage?

What type of Life Insurance do I need to protect my mortgage?

 

This is generally called Mortgage Protection Insurance and is used if you have either:

 

  •     a Repayment Mortgage or
  •     an Interest Only Mortgage

 

You and you need insurance which guarantees that in the event of your death, your mortgage will be fully repaid.

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What type of Life Insurance do I need?

What type of Life Insurance do I need?

What type of Life Insurance do I need?

Alternatively you can calculate the figure for yourself. To do this you need to work out how much money would be needed to pay off all your debts and how much income your dependents would require to continue the same lifestyle they currently enjoy. When you do this you will have to take into account the affect of inflation and the investment return you can budget on receiving.

If you only want a generalised guide then, for normal term insurance, you should consider insuring your life for between 5 and 10 times your current net salary after tax.

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